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Board of Raymond approves composite scheme of arrangement

Capital Market 

At meeting held on 07 November 2019

The Board of Raymond at its meeting held on 07 November 2019 has approved a composite scheme of arrangement amongst Raymond, New Company (NC or Resulting Company) (a Public Limited Company to be incorporated), Raymond Apparel (RAL or Transferor Company) and Scissors Engineering Products (SEPL or Transferor Company) providing for:

- The amalgamation of RAL and SEPL with Raymond;
- Demerger of the Lifestyle Business Undertaking (as defined in the Scheme) of Raymond into NC on a going concern basis; and
- Cancellation and reduction of existing share capital of NC.

The Board of Directors of RAL (a material subsidiary of the Company), SEPL (subsidiary of the Company) have approved the Scheme at their respective meetings.

The Scheme is subject to requisite statutory and regulatory approvals including approval of the National Company Law Tribunal, Stock Exchanges, SEBI and various statutory approvals, including those from the shareholders, as may be required or applicable, involved in the Scheme.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Thu, November 07 2019. 18:52 IST
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