Havells India Ltd has informed BSE that the equity shareholders and secured creditors have approved the scheme of arrangement for the demerger of 'electrical business' of Standard Electricals.
In a stock exchange announcement, the company has said that in court convened meetings held on April 21, 2010, the board of the company "resolved that subject to the Hon'ble High Court of Delhi, the scheme of arrangement for the demerger of 'electrical business' of Standard Electricals on a going concern basis into Seven Wonders Holidays Pvt Ltd, a wholly owned subsidiary of Havells India... with such alterations or modifications... is hereby approved".
At 1:45 pm, shares of Havell India gained nearly 3 per cent on the Bombay Stock Exchange, trading at Rs 631.30. Earlier in the day, the shares touched an intra-day high and low of Rs 638 and Rs 611 respectively.
