Chemicals major GHCL has completed the demerger of its spinning business into GHCL Textiles.
The demerger became effective from April 1 and the new entity GHCL Textiles will be listed on NSE and BSE after receiving regulatory approvals.
The “demerger aims to unlock and maximise value for all stakeholders and focus on operations and customers. It brings forth focused leadership and addresses independent opportunities with prudent capital allocation, the company said in a statement.
“GHCL Textiles assumes all the assets and liabilities of the spinning business,” it added.
As per the demerger scheme, GHCL shareholders are “to get shares of GHCL Textiles in the ratio of 1:1”.
GHCL Managing Director R S Jalan said the demerger is envisaged to create strong independent businesses uniquely positioned to enhance stakeholders’ value over time.
Source: Business-Standard