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Hindustan Motors (HML) has informed the stock exchanges that the board of directors, at its meeting held on Thursday, have approved of a scheme of arrangement between HML and Hindustan Motor Finance (HMFCL) and their respective shareholders providing for demerger of the Chennai Car Plant (demerged undertaking) of HML to HMFCL from April 1, 2012. HMFCL is a wholly-owned subsidiary of HML with HML and its nominees holding all the existing equity shares issued by HMFCL. The remaining business of HML will continue to belong to HML. HMFCL will issue and allot to the shareholders of HML, 1 equity share of R5 each in HMFCL credited as fully paid up for every 13 equity shares of R5 each fully paid-up held by them in the capital of HML.

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