Dalmia Bharat Sugar approves schemes to transfer non-core units; stocks surge 1.34%

30 Jun 2023 , 03:43 PM

Dalmia Bharat Sugar and Industries Ltd’s shares rose by 1.34 % to Rs 375.45 in the early trade on June 30 following board approval for a scheme of arrangement.

The scheme involves the transfer of two non-core business units, the DMC unit (manufacturing refractories) and the GT unit (tour and travel services), to Dalmia Bharat Refractories Limited.

Shareholders of Dalmia Bharat Sugar will receive one equity share of Dalmia Bharat Refractories for every 39 fully paid equity shares held by them in Dalmia Bharat Sugar. The scheme does not involve any cash consideration and is subject to necessary statutory and regulatory approvals, including from the National Company Law Tribunal, Chennai Bench.

Dalmia Bharat Sugar is a leading sugar producer in the country, serving clients such as Coca-Cola, PepsiCo, Mondelez, Perfetti, Britannia, Wal-Mart India, United Breweries, and Carlsberg.

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