Hexa Tradex Ltd has informed BSE that:"The Company was incorporated with the object of vesting of Investment Undertaking of Jindal Saw Limited (JSL) pursuant to the Scheme of Arrangement and Demerger (Scheme). As a consideration of vesting of Investment Undertaking, it was proposed to issue and allot to the equity shareholders of JSL, one equity share of face value of Rs. 2/- in the Company for every 5 equity shares of Rs. 2/- each held by them in JSL. The above Scheme was approved by High Court of Judicature at Allahabad and become effective from November 05, 2011 and subsequently, shares were allotted on November 24, 2011. Thereafter, equity shares of the Company were listed on NSE and BSE w.e.f. April 20, 2012.Further, as per Clause 4.3 of the captioned Scheme, the fraction entitlements of the shares have been consolidated in to 1197 Equity Shares of Rs. 2/- each. Such consolidated shares will be sold during this week in the open market and the proceeds after deduction of applicable tax will be distributed to the 2664 shareholders entitled for the same in due course."Source : BSE
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