Havells India Limited has informed the Exchange that the Board, in its meeting held on January 28, 2010 considered and approved the scheme of arrangement involving (i) Creating a Business Reconstruction Reserve for an amount, as may be determined and considered appropriate by the Board of Directors of the Company, from the balance available in the Securities Premium Account of the Company. The amount allocated in the aforesaid Business Reconstruction Reserve would be utilized for writing off of all the non operating / extraordinary/ abnormal costs incurred/ to be incurred on international acquisitions/ organic growth projects of the Company; (ii) Acquisition of the business of Standard Electricals Limited, a Company under the same management, through a 100% subsidiary of the Company. This will consolidate similar businesses and lead to synergies of operations.
Source: NSECourtesy moneycontrol.com
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