The Andhra Pradesh High Court has approved a composite scheme of arrangement between IVRCL Ltd and IVRCL Assets & Holdings Ltd (IVRCL AH) and two subsidiary companies RIHIM Developers Private Limited and IVRCL TMT Private Limited.
As per the scheme, IVRCL AH will be merged with IVRCL after demerging of the former's real estate business. IVRCL will issue 5 equity shares for every 6 equity shares held by the shareholders of IVRCL AH.The real estate business will be demerged into a separate company RIHIM, which will be a 100 per cent subsidiary of IVRCL.
On the other hand, the transmission line tower (TLT) unit business of IVRCL will be demerged as IVRCL TLT, which is wholly owned subsidiary of IVRCL.
The scheme is effective from April 4, 2011.
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