ii) Proposed Demerger of the Applicant Company: Upon the Scheme becoming effective and in consideration of the Proposed Demerger, Philips Domestic Appliances shall, issue and allot to all shareholders of the Applicant Company holding fully paid-up equity shares in the Applicant Company and whose names appear in the register of members of the Applicant Company and/ or the records of the depository(ies) as members of the Applicant Company, as on the Record Date (as defined under the Scheme), or to their respective heirs, executors, administrators, other legal representative or other successors in title, 1 fully paid up equity share of INR 10 (Indian Rupees ten only) each of Philips Domestic Appliances for every 1 fully paid-up equity share of INR 10 (Indian Rupees ten only) held in PIL i.e. the Share Entitlement Ratio.
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Source Page 26
PHILIPS INDIA LIMITED
August 03, 2021
Philips India Demerging Appliances Division - Free Shares to Share Holders - Please Recheck
New / Demerged Company is named Philips Domestic Appliances Limited
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. The Scheme inter alia provides for (i) reorganization of the share capital and securities premium reserve account of Preethi by way of reduction in the face value of its fully paid up equity shares and reduction of its securities premium reserve account and return of the amounts so reduced to the shareholders of Preethi on a proportionate basis. The remaining amount in the securities premium reserve account shall be partly adjusted against the balance in the profit and loss account of Preethi to inter alia write off net accumulated losses of Preethi (“Proposed Re-organization”); (ii) transfer by way of demerger of the domestic appliances business undertaking of the Applicant Company including its shareholding in Preethi, as a going concern, to Philips Domestic Appliances, in consideration for the issuance of equity shares by Philips Domestic Appliances to the shareholders of the Applicant Company as per the share entitlement ratio approved by the boards of directors of the Applicant Company and Philips Domestic Appliances and reduction of the initial share capital of Philips Domestic Appliances held by the Applicant Company (“Proposed Demerger”); and (iii) subsequent amalgamation of Preethi into Philips Domestic Appliances (“Proposed Amalgamation”) and reorganization of the authorized share capital of Philips Domestic Appliances as provided under the Scheme (collectively, the “Proposed Restructuring”) pursuant to the provisions of Sections 230 - 232 of the Act, and such other provisions of the Act, as applicable (including any statutory modification(s) or re-enactment thereof), for the time being in force.
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PHILIPS INDIA LIMITED
It appears some shares- shares of Philips India are available , for sale / purchase ,with Dealers of Rare Indian Shares ( Please Recheck this )
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Disclosure
: The Blog writer in his / family names has holdings in this Company
So please make suitable " provisions " for any likely Over Optimism
NB
:All information given in good faith. Please recheck every point before
taking any investment decision. No responsibility with this Blog or
Blog Writer.
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