Mandhana to demerge retail business into separate entity

Mandhana Industries (MIL), leading manufacturer of textile and garments has announced the demerger of its retail business into an independent entity, namely Mandhana Retail Ventures (MRVL). The company would file for a demerger scheme with the stock exchanges and the High Court. And subject to approval, the retail business comprising its Being Human brand and other brands, would be known as Mandhana Retail Ventures. After demerger, every three shares of Mandhana Industries would receive two shares of Mandhana Retail Ventures, company said in a statement.

“The demerger is a decision taken by the board to align the focus of Mandhana Retail Ventures to its retail business. Given the success of the Being Human clothing brand, we are now looking forward to increase our portfolio of brands and new retail concepts which the company would introduce,” said Mandhana Industries Joint Managing Director Manish Mandhana in the company statement.

The Board of Directors of MIL, taking into consideration the recommendations made by the audit committee, SSPA & Co, chartered accountants, the value and fairness report of 'Emkay Global Financial Services', category I registered Merchant Banker, approved the demerger of retail business into an independent entity, namely, MRVL.