Atco board approves demerger and 1:5 stock split
Atco Corporation board has approved stock split in the ratio of 1:5. We have updated you on ATCO stock split on 12th January. Which means that the existing equity shares of Rs 10 each will be subdivided into five equity shares of Rs 2 each.
According to a release issued by Atco to the BSE today, the board has also decided to demerge a few of the company’s business activities carried out in India, by transferring these activities into separate subsidiary companies from April 1, 2010.
Under this arrangement the company will hold a minimum 51% of the newly formed equity capital of all four subsidiary companies and remaining equity will be issued to shareholders of the company. In a way the company will be forming four new subsidiaries. The details are as follows:
(a) Business of industrial business supplies into Atcomaart Services Ltd.
(b) Business of application service providing and software development into eDesk Service Ltd.
(c) Business of bottled water into a company to be newly incorporated.
(d) Business of industrial publication into Innovamedia Publication Ltd.
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[...] Atco Corporation Stock Split – Atco Corporation has fixed 10 March 2010 as the record date for the purpose of sub-division of equity shares of Rs. 10 each into five equity shares of Rs. 2 each. *To get the password for buy calls, please subscribe to this blog. You will receive the password in next email to you* Find investments that fit your goals with Morningstar’s Premium Screeners. Record Date, Stock Split [...]