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May 24, 2023Shares of Sundaram-Clayton (SCL) fell 19% to Rs 3,884.60 on the BSE in intraday trade on Friday as the stock turned ex-date for the scheme of arrangement.
The company has set March 24, 2023, as the record date for determining the rights of the company’s shareholders, who will be entitled to receive a bonus in proportion to 116 fully paid NCRPS shares of Non-Convertible Redeemable Preferred Shares (NCRPS) for each 1 equity share of Rs 5 is worth Rs 10 per share.
The company is engaged in, among other things, the manufacture of non-ferrous metal gravity and pressure die castings and holds investments in entities engaged in the business of two- and three-wheel vehicles.
At its meeting on February 9, 2022, the Board of Directors approved the Company’s Composite Scheme of Arrangement for issuing bonus NCRPS and demerger of the manufacturing business.
The National Company Law Tribunal (NCLT) approved the plan of the composite scheme of arrangement on March 6, 2022, following which the aluminium die casting business (manufacturing business) of SCL and its subsidiaries will be demerged into a separate entity, namely Sundaram Clayton DCD Ltd (SCCDD). The entire process of demerging the manufacturing business will be completed by June 2023.