ITC Limited gets sanction for merger of Wimco Ltd's business
ITC today said its scheme for demerger of the non-engineering business of its subsidiary Wimco Ltd, for the merger with itself, has been given a go-ahead by the courts.July 01, 2014 | comments ( 0 ) |
NEW DELHI: Diversified group ITC today said its scheme for demerger of the non-engineering business of its subsidiary Wimco Ltd, for the merger with itself, has been given a go-ahead by the courts.
"...the Scheme of Arrangement between Wimco Ltd (Wimco) and the Company and their respective shareholders for demerger of the Non-Engineering Business comprising Safety Matches Business and Agri (Forestry) Business of Wimco into the Company (the Scheme), has been sanctioned by the Hon'ble High Court of Judicature at Bombay and the Hon'ble High Court at Calcutta," ITC Ltd said in a filing to the BSE.
The Scheme has become effective from June 27, it added. ITC along with Russell Credit Ltd, a wholly owned unit, holds 98.21 per cent of Wimco's share capital.
Apart from the agri and matches businesses, Wimco has interest in manufacturing packaging machinery.
The Kolkata-based company has businesses across FMCG, hotels, paperboards and packaging, tobacco products and information technology.
The ITC scrip closed at Rs 324.90, up 1.58 per cent, on the BSE.
- From MakeMyTrip to Cleartrip, e-travel firms to top $10 bn in bookings
- Myntra launches Italian handbag brand Carpisa exclusively on its platform
- Paytm partners insurance provider LIC
- Microsoft starts retailing of Amazon Echo devices online and in stores
- ShopClues launches its first offline store in Lucknow
- Crocs opens its 100th store in India
- Williams-Sonoma, Inc. announces partnership with Reliance Brands for India Market
- Instant noodle brand YiPPee crosses Rs 1,000 crore sales mark
- Myntra CEO & CFO quit
- Levi Strauss plans to launch IPO