DCM Shriram Industries Limited (BSE:523369) agreed to Spin-Off DCM Shriram lnternational Limited on August 14, 2023. DCM Shriram Industries board has given in-principle approval of demerger of chemical undertaking and rayon undertaking business verticals while the residual undertaking comprising of sugar, alcohol and power would be retained in the Company. Transaction is subject to a scheme of arrangement being drafted and approved by the Independent Directors Committee, Audit Committee and the Board, and subject to any other approvals and permissions as may be required.

As of November 14, 2023, DCM Shriram Industries Board of Directors on the recommendation of the Committee of independent Directors and the Audit Committee, has inter alia considered and approved a composite scheme of arrangement. The Rayon Undertaking business will be vested into DCM Shriram international Limited, and upon completion, DCM Shriram shareholders will receive one share for each share they held in the company. For the period ended March 31, 2024, The turnover of the Rayon Undertaking reported INR 4.6 billion.

The Scheme is subject to the receipt of approval from the requisite majorities of shareholders and creditors of the companies involved in the Scheme as applicable, approvals from the respective jurisdictional National Company Law Tribunal, Securities and Exchange Board of lndia, BSE Limited. and the National Stock Exchange of India Limited and such other approvals. DCM Shriram lnternational Limited proposed to be listed on BSE Limited and the National Stock Exchange of lndia Limited.

KFin Technologies Limited acted as a transfer agent to DCM Shriram Industries Limited.