Varun Shipping Company updates on composite scheme of arrangement & amalgamation

On 23 June 2015

Varun Shipping Company announced that according to the Composite Scheme of Arrangement and Amalgamation, the Company will be split into two separate listed entities, namely, Varun Global (ship management and shipping investment business) and Varun Resources (shipping business). As part of the scheme, the debt relating to the shipping business have been transferred to Varun Resources, which has successfully restructured its debt through joint lending forum (JLF) mechanism formulated by the Reserve Bank of India.

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