Weizmann Group, a Rs 3,500 crore diversified conglomerate having interests in money changing and Western Union Money Transfer business among others, would list two demerged entities from its flagship company Weizmann Limited –-- Weizmann Forex Limited and Karma Energy Ltd-- on the BSE and NSE on June 28.
Weizmann Limited, which completed its Silver Jubilee in 2010, underwent a capital and business restructuring exercise, according to a Group statement.
Pursuant to the approved scheme of arrangement of the company, WFL and KEL allotted 1,15,14,357 equity shares each to shareholders of Weizmann Ltd in the ratio of two equity shares of Rs 10 each of respective companies for every three equity shares of Rs 10 each held in Weizmann Limited.
Weizmann Limited Managing Director Chetan Mehra said, "This exercise will unlock value for our shareholders and will also enable the Group to have a focused approach in its businesses."
