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The board of Aarti Industries at its meeting held on 30 August 2012 approved the scheme of arrangement for demerger of manufacturing business undertaking of Anushakti Chemicals & Drugs into Aarti Industries, subject to such requisite approvals of the shareholders and relevant High Courts.
The appointed date for the said scheme has been fixed as 01 April 2012.
The manufacturing business undertaking of Anushakti proposed to be transferred to Aarti, has units at Bhachau in the state of Gujarat, Tarapur and Dombivali in the state of of Maharashtra and R&D centre at Dombivali in the state off Maharashtra. Anushakti's manufacturing activities cover various speciality chemicals with applications into end-user segments of performance chemicals, agrochemicals and pharmaceuticals etc.
The share entitlement ratio under the said scheme, subject to all necessary approvals and orders, is fixed as 3 fully paid equity shares of Rs 5 each of Aarti shall be issued and allotted for every 5 fully paid equity shares of Rs 10 each held in Anushakti and no equity shares would be issued for the equity shareholding by Aarti in Anushakti, which is 49.59% of the paid up equity capital of Anushakti and the same would thus get cancelled. Accordingly, an aggregate of 9,471,614 equity shares of Rs 5 each would be allotted by Aarti in terms of the said scheme of arrangement, when effective.
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