The Board of Directors of S.Kumars Nationwide Limited (SKNL), today, announced May 2, 2008 as the record date of its demerged business arm Brandhouse Retails Limited (BHRL) and informed the Stock Exchanges accordingly. The record date determines the shareholders of SKNL who will be entitled to shares in BHRL. The shares allotted will be in the ratio of one share for every five shares held in SKNL. This is pursuant to the scheme of demerger approved earlier by the Hon’ble High Court of Judicature at Bombay. The order was filed with Registrar of Companies, Mumbai, on March 3, 2008 and became effective from the same date.

“The equity shares in BHRL being allotted to the shareholders of SKNL are free of cost and have significant value addition proposition considering the fact that retail companies operate in high growth segments and enjoy high PE multiples,” said Mr. Nitin Kasliwal, Vice Chairman and Managing Director of SKNL.

SKNL demerged its retail business into BHRL to unlock the value proposition for the investors and focus on the expansion of its retail arm.

Today, the Indian retail market is the fifth largest retail destination globally, and is estimated to grow from the US$ 330 billion in 2007 to US$ 427 billion by 2010 and $637 billion by 2015. The global textiles and apparel trade is estimated at US$ 450 billion and expected to touch US$ 700 billion by 2010 with demand for textiles and apparels expected to grow by 25 per cent . India’s textiles and apparels industry is estimated to be worth US$49 billion.

Sourced From: Mutual Public Relations

Tags: calls, daytrading, free calls, intraday, tips

Similar Posts:

• SKNL announces record date for Brandhouse Retails’ demerger
• SKNL maintains strong momentum with robust biz fundamentals
• SKNL sales for the quarter was Rs 453.07cr
• SKNL’s Q1FY09 revenues up by 41.1% to Rs 5351.5mn
• HUL announces key appointments