Triveni Engineering Outcome Of Board Meeting (12-Mar-2010)
Triveni Engineering & Industries Ltd has informed that the Board of Directors of the Company at its meeting held on March 12, 2010 approved the Scheme of Arrangement (Scheme) between Triveni Engineering and Industries Ltd. (Triveni or the Company) and Triveni Turbine Ltd. (TTL) (formerly known as Triveni Retail Ventures Ltd,), and their respective shareholders and creditors for the demerger of the steam turbine business (Demerged Undertaking) of Triveni to TTL w.e.f. October 01, 2010 (the Appointed Date). TTL is a wholly owned subsidiary of the Company with Triveni having beneficial interest over all the 100,000,000 Equity Shares of Re. 1/- each issued by TTL.
Upon completion of the demerger and in terms of the Scheme, the business of such Demerged Undertaking will become the focal business of TTL. The Scheme is in the interest of all concerned including the shareholders, creditors, employees arid the general public as it would provide:
- Focused management orientation.;
- Opportunities for strategic partnerships; and
- Flexibility for fund raising capability for future growth and expansion and create a structure geared to take advantage of growth opportunities
The demerger would result in issuance of equity shares to the shareholders of Triveni by TTL, thereby, resulting in unlocking and maximizing shareholders value.
In consideration of the demerger, TTL will issue and allot to the shareholders of Triveni, 1 (one) Equity Share of Re. 1/- each credited as fully paid up in TTL for every 1 (one) Equity Share of Re. 1/- each fully paid-up held by them in the capital of Triveni. Consequently, Trivenis stake in TTL will be reduced to that extent. Further, pursuant to the Scheme, shares of TTL will get listed on the Bombay Stock Exchange and the National Stock Exchange.
The Scheme is subject to and conditional upon the requisite approvals being received, including approvals of the stock exchanges, shareholders, creditors and sanction of the Honble jurisdictional High Court pursuant to Sections 391 to 394 of the Companies Act, 1956.
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