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Saturday, Feb 19, 2005

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Corporate - Restructuring

Zenith plans to hive off textile division

Our Bureau

Mumbai , Feb. 18

ZENITH Ltd said it plans to hive off its textile division to either a subsidiary company or a third party.

The company informed the Bombay Stock Exchange on Friday that its board is meeting on February 25 to consider and approve the proposal of business restructuring to hive off or sell the company's textile division.

The board is also to consider merger of Tungabhadra Holdings Pvt Ltd with the company.

The board is also to decide on how to raise funds - either by a further issue of capital on rights basis or preferential issue of shares or debentures to promoters or by rights-cum-public issue of shares at a premium in the form of equity shares or preference shares or cumulative or non-cumulative convertible preference shares or debentures or convertible and non-convertible debentures.

During October 2003 to September 2004, the company achieved a sales turnover of Rs 376 crore with net loss at Rs 1.62 crore.

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