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Britannia Industries update on scheme of arrangement

Capital Market 

Britannia Industries announced that the National Company Law Tribunal, Kolkata Bench had on 7 May, 2021 approved the Scheme of Arrangement between Britannia Industries (Company) and its Members (Scheme).

The Tribunal has issued a electronic copy of the order sanctioning the Scheme on 9 May 2021, to the company.

The Scheme will be made effective by filing certified / digitally signed copy of the order of the Tribunal through e-form INC-28 with the Registrar of Companies, Kolkata.

In terms of the Scheme, the Company will: - issue and allot by way of bonus, 1 fully paid-up debenture of the face value of Rs 29 each, by utilizing its general reserve, for every one fully paid-up equity share of face value of Rs 1 each; and - pay dividend of Rs 12.50 per every one fully paid-up equity share of face value of Rs 1 each by utilizing its accumulated profits to those members whose names appear in the register of members of the Company as on the record date.

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

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First Published: Tue, May 11 2021. 11:40 IST