The Board of Directors of Arvind Limited announced the spin-off of an unknown stake in The Anup Engineering Limited.
November 08, 2017
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The Board of Directors of Arvind Limited (BSE:500101) announced the spin-off of an unknown stake in The Anup Engineering Limited on November 8, 2017. Pursuant to the terms of the transaction, 1 share of Anup Engineering will be distributed for every 27 shares of Arvind Limited, held by its shareholders. No cash consideration shall be paid by Anup Engineering to Arvind Limited. The record date has decided as November 29, 2018. The scheme is subject to requisite statutory and regulatory approvals and sanction by the respective shareholders and creditors of each company involved i.e., Anup Engineering and Arvind Limited. The transaction was approved by the Board of Directors of Arvind Limited in a meeting held on November 8, 2017. The transaction has been approved by the Hon’ble National Company Law Tribunal on October 26, 2018. Effective from March 1, 2019, Anveshan Heavy Engineering Limited will be listed on the Bombay Stock Exchange under the ticker, ANUP. Metta Capital Advisors LLP acted as financial advisor to Arvind Limited.
Arvind Limited is an India-based vertically integrated textile company. The Company operates through three segments: Textiles, Advanced Materials and Others. The Textiles segment includes fabrics, garments, and fabric retail. The Advanced Materials segment consists of human protection fabrics and garments, industrial products, advance composites, and automotive fabrics. The Others segment includes e-commerce, agriculture produce, EPABX and one to many radios, developing of residential units and others. It also manufactures a range of cotton shirting, denim, knits, and bottom weights (Khakis) fabrics and jeans and shirts garments. Its businesses include fabric and apparel, brands and retail, real estate, engineering, Internet, environmental solutions, advanced materials, telecom, and garmenting. Its subsidiaries include Arvind PD Composite Private Limited, Arvind OG Nonwovens Private Limited, Arvind Internet Limited, and Arvind Goodhill Suit Manufacturing Private Limited, among others.