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Saturday, January 08, 2011

Outcome of Board Meeting

Riddhi Siddhi Gluco Biols Ltd (RSGBL) has informed BSE that the Board of Directors of the Company at its meeting held on January 07, 2011, have approved the restructuring scheme in respect of Company.

Under the said scheme the manufacturing units of RSGBL at Viramgam, Gokak and Rudrapur would be transferred to its subsidiary Company M/s Riddhi Siddhi Corn Processing Private Limited (RSCPPL). Roquette Freres intends making an investment to acquire majority stake of RSGBL in RSCPPL, with further option to buy all the shares held by RSGBL in RSCPPL, and as part of the Scheme RSGBL will reduce it's paid up capital to the extent of shares held by Roquette Freres (around 14.93% of the present paid up equity). This is subject to approval of the Shareholders, Creditors and concerned authorities.

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