Eon Electric to resume trading on June 7

Electrical equipment major Eon Electric Limited (formerly Indo Asian Fusegear Ltd.), is resuming trading of its shares w.e.f  7th June, 2012 at Bombay Stock Exchange and National Stock Exchange under the scrip code 532658 (BSE) and EON (NSE). Eon Electric Limited has demerged its metering division and power generation businesses due to which its shares were not in trade at the Stock Exchanges w.e.f. 8th May, 2012. Now EON are reverting to the market with its 1, 60, 57,466 Equity Shares of the face value of Rs. 5/- each for trading. These shares can be traded in a lot of one share as well.  Eon Electric Limited is registered with an ISIN No. of INE076H01025.

Pursuant to the Scheme of Arrangement for Demerger of the Metering Division & proposed Power Generation Business of Eon Electric Limited into Advance Metering Technology Ltd., sanctioned by Hon'ble High Court for the States of Punjab & Haryana at Chandigarh vide its Order dated 27th March 2012, the process of demerger has been completed with effect from the effective date i.e. 8th April 2012. In accordance with the Scheme, the Equity Shareholders of Eon Electric Limited (“EON”) are entitled to 1(One) fully paid-up Equity Share of the face value of Rs. 5/- each of EON and 1(One) fully paid-up Equity Share of the face value of Rs. 5/- each of Advance Metering Technology Limited (“AMTL”) in lieu of every 1(One) fully paid-up Equity Share of the face value of Rs. 10/- each held by them in EON as on the Record Date (i.e 9th May, 2012). Accordingly, the Board of Directors of EON & AMTL has allotted the said equity shares on 12th May, 2012. Eon Electric has demerged its Metering Division and Power Generation business into a separate entity named, Advance Metering Technology Limited in the month of April this year. Eon Electric Limited continues to carry on the existing businesses of wires and cables, wiring accessories, energy efficient light sources, luminaries and also foraying into new businesses which will be revenue assertive to company and will also increase the wealth of the shareholders.