Lux Industries Board Approves Scheme of Arrangement for Demerger

Lux Industries Limited's Board of Directors has approved a Scheme of Arrangement for the demerger of its Vertical A and Vertical C businesses into two wholly-owned subsidiaries, Lux and Cozi Limited and Lux Global Limited, respectively. Vertical B business will remain with the parent company. The board also approved the incorporation of these two subsidiaries to facilitate the demerger. The scheme involves a share entitlement ratio of 1:1 for Lux and Cozi Limited and Lux Global Limited shares for every Lux Industries Limited share held. The equity shares of the resulting companies are expected to be listed on BSE and NSE, subject to regulatory approvals. The appointed date for the scheme is the first day of the financial quarter in which it becomes effective.