Grasim Ind to sell or transfer two units to new subsidiary

MUMBAI: Aditya Birla Group company Grasim Industries Ltd proposes to sell or transfer its textile units Bhiwani Textile Mills and Elegant Spinners at Bhiwani, Haryana, on a going concern to a new subsidiary.

The new subsidiary, presently under formation, was proposed to be named Grasim Bhiwani Textiles Ltd, the textile company informed the Bombay Stock Exchange in a communique.

The company has decided to conduct postal ballot to seek shareholders' approval for this purpose, it said.

This would not be done for less than Rs 60 crore and on such terms and conditions with power to the board to finalise the means, methods or modes in this respect, it said.

The two units are at a single location where spinning, weaving and processing are done.

The board of directors appointed Anil Jain, Chartered Accountant, Nagda, (M.P.) as scrutinizer for conducting postal ballot processing.

The postal ballot forms duly completed should reach the scrutinizer on or before October 17.

The result of the postal ballot would be announced by a director of the company or a person authorised for this on October 19, it said.

The shares of the company closed marginally down at Rs 3204.15 on the BSE.