Second largest spinning company in India, Nahar Group has come up with composite plan of demerger for its companies Nahar Spinning Mills and Nahar Export Limited with an idea to combine textile business under one head.
Both Nahar Spinning Mills and Nahar Export Limited have filed petition in Haryana and Punjab High Court for sanction of the scheme.
There will be a meeting on October 7 among company's shareholders and creditors for approval of demerger scheme.
After the demerger, a new company Nahar Capital & Financial Services Ltd would be come into shape and whole investment business of Nahar Spinning Mills Ltd will be shifted to new company.
Share holders of Nahar Spinning Mill Limited would be given one equity share of Rs5 each fully paid in Nahar Capital & Financial Services Limited for every one equity share of Rs10 each fully paid up held by them.
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