Orient Paper to demerge consumer electric division

CK Birla Group firm Orient Paper and Industries Limited (OPIL) today said that its board has approved the demerger of its consumer electric division into a new entity -- Orient Electric.
  • Language
  • App
  • Subscriptions
  • Specials
  • Sign-In
  • Register
GeStepAhead GrowMyMoney master your money IThe Winning Leap SME Special
Moneycontrol

Home » News » Business

Oct 17, 2016, 08.07 PM | Source: PTI

Orient Paper to demerge consumer electric division

CK Birla Group firm Orient Paper and Industries Limited (OPIL) today said that its board has approved the demerger of its consumer electric division into a new entity -- Orient Electric.

Like this story, share it with millions of investors on M3

Orient Paper to demerge consumer electric division

CK Birla Group firm Orient Paper and Industries Limited (OPIL) today said that its board has approved the demerger of its consumer electric division into a new entity -- Orient Electric.

Post Your Comments

Share Cancel

Orient Paper to demerge consumer electric division
CK Birla Group firm Orient Paper and Industries Limited (OPIL) today said that its board has approved the demerger of its consumer electric division into a new entity -- Orient Electric.

"The board of directors of the company has decided to demerge the consumer electric business of the company by transferring the same on a going concern basis to a newly formed wholly-owned subsidiary namely 'Orient Electric Ltd," OPIL informed the BSE.

The scheme would be applicable from March 1, 2017, subject to regulatory approvals.

The move would "enable a dedicated management focus and accelerate the growth of the consumer electric business unlocking significant value for the shareholders of the company and access to varied sources of funds for the rapid growth of both business".

It further said that there will be no change in the share holding pattern of the company.

The demerged company will issue one share of Re 1 each for every share held in OPIL, it added.

Orient Electric would manufacture and distribute consumer appliances such as fans, lighting products, home appliances and switchgears.

"The turnover of the demerged business division is Rs 1,301.83 crore. Percentage of the turnover of the demerged division to the total turnover of the company is 71.51 per cent," it added.

OPIL has manufacturing capacity of about 85,000 tonnes of paper.

Buy, Hold, Sell ? Hear it first on M3
Orient Paper to demerge consumer electric division

See all

Get started using your favorite social network

or

Login using moneycontrol ID

Username
Password

Need help logging in? Reset password.

Don´t have an account? Sign Up

Get started using your favorite social network

or

Simply sign up using this short form

* mandatory

UserName*

Username should be atleast 4 character

Password*

Password should be 8 or more characters,
atleast 1 number, 1 symbol & 1 upper case letter

Alert

Your Password should contain
  • 8 or more characters
  • At least 1 number
  • At least 1 symbol
  • At least 1 upper case letter
Confirm Password*
Email
Already have an account? Login