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Saturday August 2nd 2014

REI Agro up by 11 percent after news of demerger to REI Six Ten Retail

Rei Agro Ltd has considered the proposal to transfer the retail undertaking of the Company i.e. the Company’s business, activities and operations pertaining to retail business of the Company as a going concern and by way of a demerger to REI Six Ten Retail Ltd (“RSTRL”) in consideration for which RSTRL will issue shares and global depository receipts (“GDRs”) to the shareholders and GDR holders, respectively, of the Company.
The Board of Directors of the Company also approved that pursuant to the scheme of demerger, the paid up capital of the Company shall be reduced by canceling a sum of Rs 4 from each paid up Equity share of Rs 10 each and thereafter consolidating 5 Equity Shares of Rs 6/- each of the Company into 3 Equity Shares of Rs 10/- each fully paid-up in the Company.Book closure of the same will be announced when its formalised.

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