Restructuring in the offing at GHCL Home Textile & Retail biz
[2008-3-26]
The Board of Directors of GHCL, a $700 million multi product transnational company operating under the domain of home textiles & soda ash has given in principle approval to restructure company’s business.
As per the approved plan, the erstwhile GHCL would continue to be listed on the Indian stock exchanges housing the business of soda ash. The Home Textile business of sourcing and manufacturing is proposed to be shifted to 100% subsidiary of GHCL Ltd.
The Retail entity would have the business of India & UK retail ventures. The plan envisages shifting the business of Rosebys UK to the 100% Retail subsidiary in India.
The company at its Extra Ordinary General Meeting (EGM) held last week has approved the Employees Stock Options Scheme in supercession to earlier scheme approved in 2006. The EGM also approved the grant of Stock Options to employees of subsidiary Companies.
Speaking on the initiative, Mr. Sanjay Dalmia, Chairman GHCL Said, “This restructuring initiative would lead to creation of independently focused organizations with a potential to achieve fast growth in their individual arenas.
The depositary will promptly pay for the shares accepted for purchase. With completion of the tender offer, Steven Madden, Ltd. now has approximately 17.6 million shares of common stock outstanding.
As per the approved plan, the erstwhile GHCL would continue to be listed on the Indian stock exchanges housing the business of soda ash. The Home Textile business of sourcing and manufacturing is proposed to be shifted to 100% subsidiary of GHCL Ltd.
The Retail entity would have the business of India & UK retail ventures. The plan envisages shifting the business of Rosebys UK to the 100% Retail subsidiary in India.
The company at its Extra Ordinary General Meeting (EGM) held last week has approved the Employees Stock Options Scheme in supercession to earlier scheme approved in 2006. The EGM also approved the grant of Stock Options to employees of subsidiary Companies.
Speaking on the initiative, Mr. Sanjay Dalmia, Chairman GHCL Said, “This restructuring initiative would lead to creation of independently focused organizations with a potential to achieve fast growth in their individual arenas.
The depositary will promptly pay for the shares accepted for purchase. With completion of the tender offer, Steven Madden, Ltd. now has approximately 17.6 million shares of common stock outstanding.
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