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Shiva Texyarn has informed the BSE that its Board of Directors at its meeting held on November 30, has approved the proposal for demerging the spinning unit located at Dindigul, Tamil Nadu, which has a capacity of 39,072 spindles, besides 22 windmills relating to the unit with a capacity of 10.65 MW through a Scheme of Arrangement to be sanctioned through a court approval process. The appointed date of the scheme is April 1, 2015. The scheme will be filed with the NSE and the BSE where the shares of Shiva Texyarn are listed, in accordance with SEBI circular in this regard, for their approval. The scheme will also be filed with the Hon’ble High Court of Judicature of Madras for its approval. Sanctioning the scheme will also be subject to the approval of shareholders and secured creditors. According to the terms of the scheme, shareholders of Shiva Texyarn will be issued shares in STYL Textile Ventures in the ratio of two equity shares of ₹10 each of STYL Textile Ventures for every five equity shares of ₹10 each held in Shiva Texyarn.
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