SME Times News Bureau | 20 Jun, 2009
The boards of Emami and Zandu Pharma have approved hiving off Emami's realty business into a separate firm, and merging Zandu's consumer goods (FMCG) unit with Emami, the companies said Friday.
"The realty business of Emami will be now a separate company, Emami Infrastructure Ltd," Emami said in regulatory statement.
One Emami Infrastructure share will be issued for three Emami shares, while 14 Emami shares with a face value of Rs.2 will be issued for one Zandu share with face value of Rs.100 each.
Zandu shareholders allotted Emami shares as part of the FMCG business merger will not be eligible for the Emami Infrastructure shares, the two companies said.
