At around 11.16 am, Dhampur Sugar Mills Ltd was trading at Rs334.50 per piece down by Rs10.8 or 3.13% from its previous closing of Rs345.30 per piece on the BSE.
“The Management of Mis E Haat Ltd., a wholly-owned subsidiary engaged in the business of E-commerce, has decided to close down its operations in the quarter ended March 2020. Accordingly, the financials of the subsidiary company have been consolidated and presented as "Discontinued 2 Operations" in the above consolidated financial results,” the company said in a filing on Tuesday.
Sugar being a seasonal industry, the performance of the quarter may not be representative of the annual performance of the Company, it said.
It further said, the Board of Directors of the Company in its meeting held on June 7, 2021 approved a Scheme of Arrangement for demerger of business of Asmoli Unit, Mansurpur Unit and Meerganj Unit into Dhampur Bio Organics Limited, the resulting company, which shall be listed on both the stock exchanges 4 with a mirror shareholding. The Company has filed requisite application with SSE Limited and National Stock Exchange of India Limited. Upon receipt of no objection certificate from the stock exchanges, the demerger scheme shall be filed with National Company Law Tribunal, Allahabad Bench.
“Pending regulatory approvals and other compliances, the financial results of the company have been prepared without giving impact of the demerger scheme,” company said.
Meanwhile, the Board of Dhampur Sugar Mills has approved the expansion of Sugar Units Capacity by 1,500 Tonnes Crushing Per Day (TCD) each at Asmoli unit from 9,000 TCD to 10,500 TCD and Meerganj unit from 5,000 TCD to 6,500 TCD of the Company. With the proposed expansion, the total capacity of the Company will stand augmented from 45,500 TCD to 48,500 TCD.