The Rs 5,000 crore (Rs 50 billion) Aditya Birla Group had on September 11 announced its plan to restructure and merge two group companies Indo Gulf Fertilisers and Birla Global Finance into Indian Rayon, and rechristen the latter as Aditya Birla Nuvo.
The restructuring exercise is aimed at using profitable cash generated from companies like Indo-Gulf to promote high-growth businesses like IT and IT enabled services, garments, financial services and telecom.
The shareholders will cast their vote on the special resolution through a postal ballot, the company informed the Bombay Stock Exchange.
The board of directors of the company at its meeting held on September 11, 2005, have approved the appointment of K K Maheshwari and Adesh Gupta as wholetime directors of the company for a period of five years subject to shareholders' approval, it said.
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