Franklin Industries Limited (BSE:540190) announced the spin-off of an unknown stake in Aphrodite Industries Limited on August 23, 2019. Pursuant to the terms of the transaction, Franklin Industries Limited will demerge its jewellery unit to Aphrodite Industries Limited and subsequently distribute 50 shares of Aphrodite Industries Limited to Franklin Industries Limited shareholders, for every 100 shares of Franklin Industries Limited held by them. The transaction will be voted upon in the meeting of Board of Directors of Franklin Industries Limited on August 30, 2019. As of August 30, 2019, the transaction has been approved by the Board of Directors of Franklin Industries Limited. Franklin Industries Limited entered into a scheme of arrangement to spin-off Aphrodite Industries Limited on April 29, 2021. The management plans to list Aphrodite Industries Limited on the stock exchange after the demerger, subject to regulatory clearances as per the relevant applicable laws and approval from Franklin Industries Limited shareholders.