MUMBAI: India Cements has fixed 9
October as the record date for the
distribution of shares of Chennai
Super Kings Cricket Ltd (CSKCL) to its
The company said that it would offer
one CSKCL share for every share held
by a shareholder in India Cements.
The rationale behind the transaction
is to enable India Cements
shareholders to own and manage the
affairs of CSKCL, which owns CSK.
The company also stated that the
process of arrangement is not
applicable to this transaction as it
involves distribution of shares in
CSKCL to non-promoter shareholders.
“The role of our company in the entire
matter is only to facilitate the free
distribution of CSKCL shares to the
beneficiaries who are shareholders of
our company by providing a list of the
same to the trustees as on a record
date fixed by us,” the company said in
its filing to the BSE.
Upon distribution, the non-promoter
shareholders will directly become
shareholders of CSKCL and can
collectively control affairs of CSKCL,
The company said it was not aware of
any plans to list CSKCL shares after
the distribution, saying that CSKCL is
an unlisted public company whose
shares are freely transferrable.
The shareholders, India Cements said,
would benefit by having direct
ownership in the Indian Premier
League (IPL) franchise.
It also stated that the decision to
transfer CSK franchise was taken five
months before its suspension. CSKCL
has challenged the suspension in the
Madras High Court.http://www.televisionpost.com/news/india...-on-9-oct/