GE Shipping nod to demerger plan

The board of Great Eastern Shipping Company Ltd (GE Shipping) today approved the scheme for demerger of its offshore services business into a separate company, Great Offshore Ltd (GOL).

As a consideration of the demerger, shareholders of GE Shipping will be issued, at no cost, one fully paid share of Rs 10 each in GOL for every five shares of the company held.