25th-Apr-2012 16:28Source: NSE

EID PARRY INDIA LIMITED Outcome of Board Meeting

Eid Parry India Limited has informed the Exchange that the Board of Directors of the Company at its meeting held on April 25, 2012 have approved a Scheme of Arrangement (Demerger) pursuant to which the Sankili and Haliyal undertakings of Parrys Sugar and Industries Limited (PSIL), the Company's subsidiary, would be merged into the Company w.e.f. April 01, 2012. This is subject to various statutory and regulatory approvals. Upon this Scheme becoming effective, EID Parry (India) Ltd. shall issue equity shares of the Company to the shareholders of PSIL in the ratio of 5 (Five) equity shares of Re. 1/- each fully paid for every 19 (Nineteen) Equity Share of Rs. 10/- each fully paid, held by them in PSIL.