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Kriti Industries to demerge, hive off its units

Kriti Industries to demerge, hive off its units
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First Published: Thu, Aug 30 2007. 12 27 PM IST
Updated: Thu, Aug 30 2007. 12 27 PM IST
PTI
Mumbai: Kriti Industries India today said it will demerge its solvent division into a separate company- Kriti Nutrients Ltd and hive off the engineering moulding division into a separate company- Kriti Auto and Engineering Plastics Pvt Ltd.
The board of directors of the company at its meeting recently approved both schemes, subject to shareholder approval, Kriti Industries said in a filing to the Bombay Stock Exchange.
Pursuant to the hive off of the engineering moulding division into a separate company - Kriti Auto and Engineering Plastics would be a wholly-owned subsidiary of the company.
The board of directors have also given consent to split the shares of the company from Rs 10 to Re 1 each, subject to shareholders approval.
The authorized capital of the company has also been reclassification of the present authorized capital of the company into equity share capital of Rs 8 crore divided into 8 crore shares of Re 1 each and optionally convertible preference share capital of Rs 2 crore divided into 20 lakh share of Rs 10 each, subject to approvals.
Shares of the company with a diversified product range in the field of plastic, oil and telecommunications were trading at Rs 100.40, up 4.26 per cent on BSE.
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First Published: Thu, Aug 30 2007. 12 27 PM IST