The Board of Pudumjee Pulp & Paper Mills Limited (BSE:500343) announced the spin-off of Pudumjee Paper Products Limited on January 17, 2015. Shareholders of Pudumjee Pulp & Paper Mills receive 37 equity shares of Pudumjee Paper Products of INR 1 each for every 20 equity shares of INR 2 each held in Pudumjee Pulp & Paper Mills on the record date. Pudumjee Paper Products Limited shall also seek listing on the stock exchanges. In a related transaction, Pudumjee Industries Ltd. (BSE:516092) announced the spin off of paper manufacturing business of the Company, with all its assets and liabilities, into Pudumjee Paper Products Limited.

The Board of Directors of Pudumjee Pulp & Paper Mills on January 17, 2015 approved the spin off. The spinoff is subject to approvals by Stock Exchanges, SEBI, shareholders, creditors and any other regulatory authorities as applicable and sanction of the High Court of Bombay. The shares of the demerged company will be listed either on BSE or NSE. All assets and liabilities with the securities, mortgages, charges, encumbrances or liens of the transferor company will be duly assigned to the demerged company. Axis Capital Limited provided fairness opinion to Pudumjee Pulp & Paper Mills Limited (BSE:500343). The transferor company will continue with the remaining business post demerger. Axis Capital is of the opinion that the share exchange ration for the demerger is fair. The transaction was approved by shareholders and creditors. The date of the hearing for the approval of court has been set on October 16, 2015. As announced on January 8, 2016, the transaction is approved by the Bombay High Court.