Lux Industries Limited has informed the Exchange about Acquisition
LUXIND · price
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Lux Industries Limited has incorporated a new wholly owned subsidiary named 'Lux and Cozi Limited' in West Bengal, India. The WOS has 2,50,000 equity shares of Rs. 2/- each, fully held by Lux Industries. The WOS will deal in manufacturing and trading of garments including hosiery products. The incorporation is being undertaken pursuant to a Family Settlement Agreement (FSA) amongst promoter family members to facilitate the proposed demerger of Vertical A of the company. Mr. Ashok Kumar Todi (Promoter) and Mr. Saket Todi (Promoter Group and Executive Director) are directors in the new entity. The WOS is yet to commence business operations.
The creation of this WOS is the first formal step toward separating Vertical A of the company through a demerger process, as per the family settlement agreement. Shareholders should monitor for the formal demerger scheme filing and ratio details in subsequent disclosures.