Shares of Taneja Aerospace and Aviation soared 8% to Rs 56 after Board of Directors has approved the Scheme of Arrangement between Taneja Aerospace and Aviation Limited (‘TAAL’) and TAAL Enterprises Limited ('TEL’, a wholly owned subsidiary of the Company), where the charter business and investments in First Airways Inc. and TAAL Tech India Private Limited (subsidiaries of the Company) would be demerged into TEL. The Appointed Date of the Scheme is October 01, 2014.
The stock has hit a high of Rs61 and a low of Rs52.
The Appointed Date of the Scheme is October 01, 2014.
The Share Swap Ratio for the demerger is as under:
'1 (One) fully paid equity shares of Face Value Rs 10 each of TEL for every 8 (Eight) fully paid equity shares of INR 5 (Rupees Five) each held in TAAL.'
The Scheme would require the approvals of the shareholders of the Company, Madras High Court and other regulatory authorities