Ishwarshakti Holdings has made a public announcement regarding demerger of Seksaria Finance Limited (SFL) where the sugar business of Ishwarshakti Holdings will be transferred to Seksaria Finance Limited (SFL). For the purpose of this corporate action, 18 September 2024 is the record date.
As per the scheme of arrangement, shareholders of Ishwarshakti Holdings will receive 7 equity shares of Seksaria Finance Limited (SFL) for every 1 share of Ishwarshakti Holdings they hold. The apportionment of the cost of acquisition of the shares is based on the ratio between the net book value of the assets transferred to Seksaria Finance Limited and the net worth of Ishwarshakti Holdings before the demerger. The cost of acquisition of Ishwarshakti Holdings shares is set at 8.47%, and that of Seksaria Finance Limited shares is 91.53%.
For more details, please refer to the circular here.