Calcutta, Aug. 8: Calcutta High Court has approved the restructuring plan of C.K. Dhanuka’s Dhunseri group, under which all the tea and construction businesses of the group will be brought under entities that are exclusively focused on these areas.
In a notification to the Bombay Stock Exchange, it said the arrangement would take place between Dhunseri Petrochem & Tea Ltd, Dhunseri Tea & Industries Ltd and Dhunseri Infrastructure Ltd and their shareholders.
The tea division of Dhunseri Petrochem & Tea will be hived off and merged with Dhunseri Tea & Industries, while the IT SEZ division of the petrochem company will be merged with Dhunseri Infrastructure. The restructuring will be effective from April 1.
“After the restructuring, Dhunseri Petrochem & Tea Ltd will be known as Dhunseri Petrochem Ltd. The tea business has been growing steadily. Petrochemicals have grown to about 9 lakh tonne. With the restructuring, we will be able to place a focused attention on these two,” said C. K. Dhanuka, executive chairman, of Dhunseri Petrochem & Tea.
In its annual report for 2013-14, the company had said Dhunseri Tea & Industries would issue one equity share of Rs 10 each to the shareholders of Dhunseri Petrochem & Tea for every five shares of Rs 10 each held by them.
Dhunseri Infrastructure will also issue 50 lakh shares of Rs 10 each to Dhunseri Petrochem &Tea.