Board of Borosil approves draft composite scheme of arrangement

10 Feb 2022 , 01:33 AM

The Board of Borosil at its meeting held on 07 February 2022 has approved a draft composite scheme of arrangement amongst Borosil demerged company and Klass Pack resulting company and Borosil Technologies transferor company and their respective shareholders and creditors inter alia providing for a reduction and reorganisation of share capital of the resulting company; b demerger transfer and vesting of the demerged undertaking as defined in the Scheme from the company into the resulting company on a going concern basis and consequent issue of shares by the Resulting Company and reduction and cancellation of the existing paid-up equity share capital of the resulting company held by the company; and c amalgamation of the transferor company with the transferee company Post effectiveness of the Scheme the equity shares of the resulting company will be listed on BSE and the National Stock Exchange of India