7th-May-2012 19:08Source: BSE

Welspun Global - Outcome of Board Meeting

Welspun Global Brands Ltd has informed BSE that the Board of Directors of the Company at its meeting held on May 07, 2012, inter alia, has, subject to approval of the Stock Exchanges, sanction of the Hon'ble High Court of Gujarat and other approvals as may be necessary, approved a composite scheme of arrangement (the "Scheme") between the Company, Welspun India Limited ("WIL") and Welspun Retail Limited ("WRL"). According to the Scheme, the Company will be merged into WIL, the marketing business undertaking of WIL will be hived off to WRL and certain overseas investments of WIL would be transferred to WRL. Consequently, the Company shall be dissolved without winding up and the name of WRL would be changed to Welspun Global Brands Limited. Appointed Date for the Scheme is April 01, 2011. Upon the Scheme coming into effect, each shareholder of the Company will get 1 equity share of Rs. 10 each of WIL for every 1 equity share of Rs. 10 each held in the Company.