BANGALORE: IT company Wipro today said the demerger of three non-IT business divisions, including consumer products segment, into a privately-held company Wipro Enterprises is effective from March 31.
"...the scheme of arrangement for the demerger of 'Diversified Business' of the company approved by the board of director on November 1, 2012 is effective from March 31, 2013," Wipro Limited said in a filing at BSE.
The Scheme of Arrangement has been approved by the High Court of Karnataka and its order filed with the Registrar of Companies, Wipro said in a statement.
Wipro said that April 11, 2013, has been fixed as the record date for the purpose of determining the members of the company to whom Securities of the Resulting Company will be allotted and who will be entitled to the Exchange Right pursuant to the Scheme of Arrangement (Election and Exchange Notice).
It is likely to take about six weeks from the record date for the whole process to be completed, the statement added.
The company had announced it will hive off Wipro Consumer Care and Lighting (including furniture business), Wipro Infrastructure Engineering (hydraulics and water businesses) and Medical Diagnostic Product and Services business under the unlisted firm.
Wipro Ltd will remain a publicly listed company that will focus exclusively on information technology, while Wipro Enterprises will be an unlisted company.