Under the plan, the company will demerge the real estate division of Anant Raj Agencies into Taurus Promoters & Developers and the remaining business of Anant Raj Agencies will be merged with Anant Raj. This demerger is being done to simplify the promoter holding structure in Anant Raj.
Anant Raj jumped 12% to Rs.52.75 on BSE. The Board of Directors of the Company has considered and approved the composite scheme of arrangement comprising of the following: -
1. Demerger of Real Estate Division (Demerged Undertaking 1) of Anant Raj Agencies Private Limited (ARAPL/ Demerged Company 1/Amalgamating Company) into Tauras Promoters & Developers Private Limited (TPDPL/ Resulting Company 1) and subsequent amalgamation of Remaining ARAPL with the Company.
2. Demerger of Project Division (Demerged Undertaking 2) of the Company into Anant Raj Global Limited (ARGL/ Resulting Company 2) (a WOS of the Company, under incorporation) and subsequent listing of ARGL at BSE Limited (BSE) and National Stock Exchange of India Limited (NSE).
The above provisions of the Scheme shall be effected in accordance with the provisions of Section 391 -394 of the Companies Act, 1956 or the corresponding provisions of the Companies Act, 2013.
The above scheme of arrangement shall be subject to the approval of High Court (s), Shareholders and Creditors of all the Companies. The Listing of ARGL is subject to exemption from SEBI in terms of Rule 19(2)(b) of Securities Contract (Regulations) Rules, 1957.
1. Demerger of Real Estate Division (Demerged Undertaking 1) of Anant Raj Agencies Private Limited (ARAPL/ Demerged Company 1/Amalgamating Company) into Tauras Promoters & Developers Private Limited (TPDPL/ Resulting Company 1) and subsequent amalgamation of Remaining ARAPL with the Company.
2. Demerger of Project Division (Demerged Undertaking 2) of the Company into Anant Raj Global Limited (ARGL/ Resulting Company 2) (a WOS of the Company, under incorporation) and subsequent listing of ARGL at BSE Limited (BSE) and National Stock Exchange of India Limited (NSE).
The above provisions of the Scheme shall be effected in accordance with the provisions of Section 391 -394 of the Companies Act, 1956 or the corresponding provisions of the Companies Act, 2013.
The above scheme of arrangement shall be subject to the approval of High Court (s), Shareholders and Creditors of all the Companies. The Listing of ARGL is subject to exemption from SEBI in terms of Rule 19(2)(b) of Securities Contract (Regulations) Rules, 1957.
The scrip opened at Rs. 51.9 and has touched a high and low of Rs. 55 and Rs. 51.5 respectively. So far 6946753(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs. 1388.45 crore.
The BSE group 'B' stock of face value Rs. 2 has touched a 52 week high of Rs. 54.45 on 03-Jun-2016 and a 52 week low of Rs. 27.55 on 26-Feb-2016. Last one week high and low of the scrip stood at Rs. 50.9 and Rs. 46.5 respectively.
The promoters holding in the company stood at 63.44 % while Institutions and Non-Institutions held 7.91 % and 28.65 % respectively.
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