Rane Brake Linings Ltd has informed us that the Board of Directors of the Company at its meeting held on August 20, 2007, has taken the following decisions:
The manufacturing undertakings of the Company would be demerged into a new manufacturing Company and the equity shares of the new manufacturing Company will be listed on the Stock Exchanges.
The residual non-manufacturing business of the Company would be merged with Rane Holdings Ltd (RHL). So, for every 100 shares held in the Company, the shareholders would be allotted shares as under:
- 100 shares in the new manufacturing Company
- 75 shares in Rane Holdings Ltd
Further, their is a similar scheme of demerger in another group company, Rane Engine Valves.
Rane Engine Valves Ltd has informed us that the Board of Directors of the Company at its meeting held on August 20, 2007, has taken the following decisions:
The manufacturing undertakings of the Company would be demerged into a new manufacturing Company and the equity shares of the new manufacturing Company will be listed on the Stock Exchanges.
The residual non-manufacturing business of the Company would be merged with Rane Holdings Ltd (RHL). So, for every 100 shares held in the Company, the shareholders would be allotted shares as under:
- 100 shares in the new manufacturing Company and
- 56 shares in Rane Holdings Ltd.
Finally the Rane Group has consolidated its business to take on the new challenges as India aspires to become a global manufacturing hub.