GHCL Completes Demerger Of Its Spinning Business Into GHCL Textiles
Listen to This Article
Chemicals major GHCL has completed the demerger of its spinning business into GHCL Textiles.
The demerger became effective from April 1 and the new entity GHCL Textiles will be listed on NSE and BSE after receiving regulatory approvals.
The "demerger aims to unlock and maximise value for all stakeholders' and focus on operations and customers. It brings forth focused leadership and addresses independent opportunities with prudent capital allocation, the company said in a statement on Monday.
"GHCL Textiles assumes all the assets and liabilities of the spinning business," it added.
As per the demerger scheme, GHCL shareholders are "to get shares of GHCL Textiles in the ratio of 1:1".
GHCL Managing Director R S Jalan said, the demerger is envisaged to create strong independent businesses uniquely positioned to enhance stakeholders' value over time.
In February, the Ahmedabad bench of NCLT approved the demerger of the spinning division of the company into GHCL Textiles.
GHCL is into manufacturing of soda ash, a major raw material for detergents and glass industries and sodium bicarbonate (baking soda).
Leadership Shakeup At Citigroup Fuels Succession Rumors
Jane Fraser's recent appointment of three new executives at Citigroup has stirred speculation on Wall Street about the b... Read more
Capital One And Discover Merger: Boosting Competition And Innovation In Financial Services
The potential merger between Capital One and Discover could create a formidable competitor in the financial services ind... Read more
Citigroups Fat-Finger Error: Lessons In Financial Oversight
The financial world was taken aback when Citigroup, one of the largest global banks, was fined £62 million by UK regula... Read more
Titi Coles Legacy In Finance: Pioneering Diversity And Leadership
Titi Cole, one of the most senior Black women in the world of finance, recently exited her high-profile role at Citi. He... Read more
Rising Rates, Rising Challenges: Bankers Adapt To Serve Troubled Companies In A Changing Economic Landscape
As interest rates climb, troubled companies are facing heightened financial pressures, prompting them to seek assistance... Read more
The Elusive Nature Of Fraud Detection: Exploring The Auditor's Dilemma
In the intricate world of financial reporting, auditors serve as guardians of integrity, tasked with uncovering discrepa... Read more