Datamatics to demerge and separately list its subsidiary Lumina Datamatics

(UNI) The Board of Directors of Datamatics Global Services Limited (DGSL), and Lumina Datamatics Limited in their respective board meetings, approved a proposal to merge the two Companies into DGSL.
The merged Company would then be vertically split into two Companies, namely, Datamatics Global Services Ltd. and LDR E-Retail Ltd. Thus, the shareholders of DGSL will have an identical shareholding pattern in both DGSL and LDR E-Retail Ltd.,company said in afiling with BSE.
The latter will be renamed as Lumina Datamatics Limited. The scheme is subject to regulatory approvals and proposes an appointed date of April 1, 2019.
The board was of the view that the business of two companies serve completely different market segments and have different offerings.
The de-merger will allow the managements of the each Company to focus and pursue growth strategies tailored specific for the segments they serve. The demerger will also give direct visibility of the opportunity and assets for both the companies which will further unlock value for the shareholders by way of separate listing.