EID Parry up 2% on plans to demerge sugar arm

Meeting for the proposed demerger will be held on Oct 11 in Chennai

Shares of EID Parry were up over 2% after the company informed that it has scheduled a meeting on October 11 to demerger the company's sugar subsidiary, Parrys Sugar Industries Ltd.

EID Parry India Ltd has informed BSE that by an Order made on August 17, 2012, the Hon'ble High Court of Judicature at Madras has directed that a meeting of Equity Shareholders of the Applicant Company / Resulting Company be held on October 11, 2012 for the purpose of considering, and if thought fit, approving, with or without modification, Scheme of Arrangement (Demerger) between Parrys Sugar Industries Limited and E.I.D.- Parry (India) Limited.

A combined volume of over 15,000 shares were traded on both the exchanges in early morning deals.