GHCL Textiles set to list on National Stock Exchange and Bombay Stock Exchange post regulatory approval
GHCL Limited, India’s leading chemical & textile company, has announced effective date of demerger of its spinning business as April 1, 2023, which will henceforth be referred to as GHCL Textiles Limited.
This marks completion of demerger of textiles business of GHCL Ltd. Record date to determine eligibility of shareholders of GHCL Limited to receive shares of GHCL Textiles Limited set at April 8, 2023. GHCL Textiles Limited set to list on National Stock Exchange and Bombay Stock Exchange post regulatory approval.
GHCL shareholders get shares of GHCL Textiles in the ratio of 1:1, one share of Rs. 2 each for every share held in GHCL of Rs. 10 face value. No change in the shareholding pattern of GHCL Textiles. GHCL Textiles assumes all the assets and liabilities of the spinning business.
Commenting on the announcement, R. S. Jalan, Managing Director, GHCL Limited said, “Over the past few years, GHCL Limited has delivered a significant operational performance, consistently generated healthy cash flows, and strengthened its balance sheet. At the same time, we have meticulously enhanced our footprint through various value-creating capacity and capability augmentations. Having distinct operating entities shall allow both businesses to prioritize relevant focus areas and respond to market opportunities in a nimbler manner. This demerger is envisaged to create strong independent businesses uniquely positioned to enhance stakeholders' value over time."
GHCL Limited is engaged in the manufacture of Soda Ash (Anhydrous Sodium Carbonate), that is a major raw material for detergents & glass industries and Sodium Bicarbonate (baking soda). Through a demerger, it has separated its spinning business into GHCL Textiles Limited, which will continue to produce multiple varieties of fibre (yarn), sold to domestic consumers as well as exported worldwide.
Register Now to Attend NextGen Chemicals & Petrochemicals Summit 2023 on 13-14 July 2023, Novotel Mumbai International Airport, Mumbai
Tamilnadu Petroproducts gets India's First BIS certification under IS 12795: 2020 for high-quality LAB Production
Creating policy and regulatory frameworks could accelerate the green hydrogen ecosystem: B. S. Bhalla
Subscribe To Our Newsletter & Stay Updated