|
| Exchange Disseminated Time 26/10/2016 17:45:45 | Raymond Ltd has informed BSE that the Board of Directors of the Company at its meeting held on October 26, 2016, has approved a composite scheme of arrangement of Raymond Apparel Limited ("RAL"), wholly owned subsidiary of the Company and Color Plus Fashions Limited (“CPFL”), wholly owned subsidiary of RAL.
Pursuant to the said scheme CPFL will demerge its Business into RAL. The synergies between two entities will be put to the best advantage of all stakeholders. This will lead to reduction in administration, overheads, sourcing, distribution, selling and marketing costs. There will not be any allotment of shares since CPFL is a 100% subsidiary of RAL. Further, there will be reduction of share capital of CPFL.
The above scheme has been duly approved by the Board of RAL and CPFL and the same is subject to approval of the High Court and others. |
|
|