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| Emami realty arm to be listed on BSE in 3-4 months |
| Press Trust of India / New Delhi Jun 22, 2009, 17:25 IST |
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FMCG major Emami today said its realty arm Emami Infra will be listed on the Bombay Stock Exchange in the next three-four months.
"We have started the process of listing Emami Infra, our realty arm, on the Bombay Stock Exchange. It will take another 3-4 months," Emami President and Chief Financial Officer M H Bhansali said.
Last week, the boards of Emami and Zandu Pharmaceutical, in which a majority stake was acquired by the former, had approved demerging of Emami's realty unit into a separate firm and merging Zandu's consumer goods (FMCG) business into Emami.
Bhansali said there is no plan for an IPO and the listing is being done following shareholders' approval to hive off its realty arm.
After the board meeting the company had said under the restructuring plan, its realty business will be hived off into a separate company, to be called Emami Infrastructure.
As per the boards' approval, one Emami Infrastructure share will be issued for every three Emami shares, while 14 Emami shares with a face value of Rs 2 each will be issued for every one Zandu share with face value of Rs 100.
Bhansali said Emami's realty business has 12 projects, but he declined to share their value. These projects include IT parks, shopping malls and residential complexes in Kolkata, Coimbatore and Hyderabad.
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