Pudumjee Pulp & Paper Mills Limited agreed to Spin-Off 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.