Mandhana demerges retail business into an independent entity

Textiles and apparel manufacturer Mandhana Industries officially announced here today that it is in the process of demerging its retail business into an independent entity called Mandhana Retail Ventures.
The company would file a demerger scheme with the stock exchanges and the High Court, it said in a statement, adding that after the demerger, which is subject to approval, the retail business comprising its Being Human brand and other brands, would be known as Mandhana Retail Ventures.
After demerger, every three shares of Mandhana Industries would receive two shares of Mandhana Retail Ventures, the company statement said.
"The demerger is a decision taken by the board to align the focus of Mandhana Retail Ventures to its retail business. Given the success of the Being Human clothing brand, we are now looking forward to increase our portfolio of brands and new retail concepts which the company would introduce," Mandhana Industries Joint Managing Director Manish Mandhana said in the company statement.

Mandhana Industries entered the retail segment with its brand 'Being Human' having an exclusive global licence agreement with 'Being Human-The Salman Khan Foundation' for designing, marketing and distributing.
Mandhana Industries had a turnover of Rs 1,500 crore in FY14 and a market cap of over Rs 900 crore.