Borosil Limited completed the Spin-Off 82.49% stake in Klass Pack Pvt. Ltd.
December 08, 2023
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The board of Borosil Limited (BSE:543212) announced the spin off of 82.49% stake in Klass Pack Limited on February 7, 2022. Klass Pack has a total asset of INR 1191.4 million as of December 31, 2021. The Board of Borosil approved the deal. The shareholder meeting of Borosil is going to held on February 6, 2023. As of August 1, 2022, the Deal has got clearance from NSE and BSE. The Scheme is subject to receipt of approvals from the SEBI through the Stock Exchanges, the Stock Exchanges, the Hon'ble National Company Law Tribunal, Mumbai Bench ("NCLT"), shareholders and creditors, inter alia, of Borosil (as applicable) and approval of other regulatory or statutory authorities as may be required. The Appointed Date of the Scheme is April 1, 2022. As of November 2, 2023, the transaction is approved by National Company Law Tribunal. As of November 22, 2023, record date has fixed at December 5, 2023. As of December 5, 2023, company name has been changed from Klass pack limited to Borosil scientific limited. Mehul Shah of Khaitan & Co. acted as legal advisor to Borosil Limited (NSEI:BOROLTD).
Borosil Limited completed the Spin-Off 82.49% stake in Klass Pack Pvt. Ltd on December 8, 2023. Link Intime India Pvt. Ltd. acted as a transfer agent to Borosil Limited.
Borosil Limited is primarily engaged in the business of manufacturing and trading of scientific and industrial products and consumer products. The Company operates through two segments: Consumer Products (CP) and Scientific & Industrial Products (SIP). The CP segment is engaged in the business of microwavable and flameproof kitchenware, glass tumblers, hydra bottles, tableware and dinnerware, appliances, storage products, steel serve fresh and more. The SIP segment is engaged in the business of laboratory glassware, instruments, liquid handling systems, explosion proof glassware and more. It has two manufacturing facilities, one situated in Bharuch, Gujarat and the other situated in Jaipur, Rajasthan. The Jaipur manufacturing facility is exclusively dedicated to the CP division, while the Bharuch manufacturing facility, primarily a SIP division facility, also manufactures some borosilicate glass products such as mugs, bottles, jars, glass tumblers and other consumer glass ware items.