Orient Paper & Industries Ltd. completed the spin-off of Orient Electric Limited.
January 19, 2018
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The Board of Directors of Orient Paper & Industries Ltd. (BSE:502420) announced the spin-off of Orient Electric Limited on October 17, 2016. Orient Electric will issue to each shareholder of Orient Paper one share of INR 1 each for every one share of INR 1 held by each shareholder in Orient Paper. The shares of Orient Electric will be listed on BSE and NSE. Orient Electric reported turnover of INR 13.02 billion and EBITDA of INR 907.8 million. The deal is subject to regulatory approvals, High Court of Orissa approval and shareholder approval. As of October 17, 2016, the Board of Orient Paper and Orient Electric have unanimously approved the transaction. The Board of Orient Paper has approved the transaction. The meeting of the shareholders of Orient Paper & Industries and Orient Electric Limited will be held on June 29, 2017 for the purpose of approval of the deal. The deal was approved by the shareholders of Orient Paper & Industries, shareholders of Orient Electric Limited and secured and unsecured creditors of Orient Paper & Industries on June 29, 2017. The National Company Law Tribunal has fixed the date of October 11, 2017 for approval of the deal. The Kolkata Bench of the National Company Law Tribunal approved the transaction on November 8, 2017. The scheme would be applicable from March 1, 2017, upon filing of the Certified Copy of the Order of the National Company Law Tribunal, sanctioning the Scheme, with the Registrar of Companies. The effective date of scheme is December 8, 2017. As on January 1, 2018, the record date has been fixed as January 12, 2018. NDA & Associates acted as the accountant and IDBI Captal Markets & Securities Limited acted as the fairness opinion provider for Orient Paper & Industries. Pawan Kumar Sarawagi of P. Sarawagi & Associates was appointed as the scrutinizer by the National Company Law Tribunal.
Orient Paper & Industries Ltd. (BSE:502420) completed the spin-off of Orient Electric Limited on January 19, 2018. The shares of Orient Electric Limited will be listed from May 14, 2018.
Orient Electric Limited is an India-based lifestyle electrical solutions company. The Company is primarily engaged in manufacture/purchase and sale of electrical consumer durables, lighting and switchgear products. The Company operates through two segments: Electrical Consumer Durables and Lighting and Switchgear. Electrical Consumer Durables segment consists of the manufacture / purchase and sale of electric fans ceiling, portable and airflow, along with components and accessories thereof, and appliances- coolers, geysers and home appliances. Lighting and Switchgear segment consists of manufacture / purchase and sale of lights and luminaires, including light-emitting diode (LED), streetlights and switchgears, including switches and miniature circuit breakers (MCB). Its home appliances products include air-cooler, water heater, room heater, dry iron, steam iron, juicer mixer grinder, mixer grinder and more. The Company has manufacturing facilities at Faridabad, Noida and Kolkata.
ORIENT ELECTRIC LIMITED 
