A power engineering solutions provider Bilpower today said it will demerge its manufacturing unit at Wada in Maharashtra into a wholly-owned subsidiary Bil Energy Systems.
The company's board has approved the scheme of arrangement for the demerger of the company's manufacturing unit at Wada in Maharashtra into a 100-per cent subsidiary, Bilpower said in a filing to the Bombay Stock Exchange.
The scheme is subjected to shareholders' approval, it added.
Pursuant to the scheme, the shareholders of Bilpower would received one equity share of Bil Energy Systems of the face value of Rs 10 per share.
Shares of Bilpower were trading at Rs 185 on the BSE, down 0.64 per cent from previous close.
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