HSIL Limited (HSIL) is widely recognised by its brand ‘Hindware’, a household name in India. Set up in 1960 as Hindusthan Twyfords Ltd, with a technological collaboration with Twyfords UK. In March 2009, the company’s name was changed to HSIL Limited. HSIL became the first sanitary-ware company to be featured in the‘Fortune India 500’ 2014 list – a ranking of the top 500 corporations in India. Its Products include Water Closets, Faucets, Wash Basins, Showers, Cisterns, Special Series, Accessories, New Launches and Urinals. HSIL enjoys collaborations with leading global brands, namely Groupe Atlantic, VENTS and Sekisui Chemical Co. Ltd., etc which enables it to add unique products and novel designs to our expansive product portfolio. Currently the company has a market cap of Rs 3,403 crore as per BSE.
Somany Home Innovation Ltd (SHIL) is a wholly owned subsidiary of HSIL, it is incorporated on 28th September 2017. Post sanction of the scheme, SHIL will apply for listing on BSE and NSE respectively.
Brilloca Ltd (Brilloca) is a wholly owned subsidiary of Somany Home Innovation Ltd and is incorporated on 2nd November 2017. Brilloca will remain unlisted as WoS of SHIL.
- Appointed Date is 1st April 2018.
- Somany Home Innovation Ltd. on behalf of itself and its wholly owned subsidiary, Brilloca Ltd will issue and allot equity shares, without receipt of any cash, to the shareholders of HSIL on the record date, in the ratio 1 equity share of Rs 2 of SHIL for every 1 equity share of Rs 2 of HSIL.
- Post Demerger Somany Home Innovation Ltd will cease to be WOS of HSIL and shareholders of HSIL will directly hold share in SHIL and SHIL will be listed on BSE and NSE.
- Brilloca Ltd is WOS of Somany Home Innovation Ltd. it will remain unlisted as WOS of SHIL.
Please Subscribe or Login to read the full article.