Godrej Industries Ltd has informed BSE that the Board of Directors of the Company at its meeting held on August 11, 2012, inter alia, has accorded its consent to the following:
1. Further investment u/s. 372A of the Companies Act, 1956.
It is proposed to further invest in the following companies :-
(a) Godrej Consumer Products Limited, upto a sum of Rs. 150 crore; and (b) Godrej Properties Limited, upto a sum of Rs. 100 crore.
The aforesaid proposals are subject to the approval of the shareholders.
2. Approved exploring various possibilities of restructuring Godrej Hershey Limited.
Godrej Hershey Limited (GHL) is potentially sick and the shareholders of GHL may look at redressing the issue. The Board granted approval to explore various possibilities and / or any combination thereof for restructuring its shareholding in GHL, including but not restricted to referring GHL to BIFR and / or sale of entire / partial investment held by the Company in GHL.