Business Restructuring of the Group
Amrit Corp. Limited (“Amrit Corp.”), a company incorporated in 1940 as Amrit Banaspati Company Ltd, is flagship Company of the Amrit Group (‘Group’) and is a public company listed on stock exchanges at Mumbai and Kanpur in India. Established in 1940, the Group is one of the largest producers of edible oils and fats in the country. The Group has undertaken a comprehensive restructuring of its various businesses wherein:
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The name of Amrit Banaspati Company Limited was changed to Amrit Corp.;
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The paper business of Amrit Corp. was de-merged into ABC Paper;
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The edible oils & FMCG commodities business of Amrit Corp was de-merged into Amrit Enterprises Limited (another Group Company) and the name of Amrit Enterprises Limited was changed to Amrit Banaspati Company Limited (“ABCL”); and
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Amrit Corp. retained the Food and Real Estate businesses.
The scheme of restructuring was approved by the High Courts at Chandigarh, Allahabad and Delhi effective from April 01, 2006. Amrit Corp. and ABCL are existing listed companies and the process for listing of ABC Paper is underway. Post de-merger, the trading of equity shares of Amrit Corp. and ABCL has commenced and currently been trading in the range of Rs. 125/- to Rs.135/- and Rs. 50/- to Rs. 60/- per share respectively.
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