• Gujarat Fluorochemicals Limited (GFCL) owns the Chemical Business of GFL Ltd.
• GFL demerged its Chemical Business, including all the assets and liabilities of the Chemicals Business, into GFCL by way of a Scheme of Arrangement approved by the NCLT
• The shareholders of GFL were allotted shares of Gujarat Fluorochemicals Ltd. (GFCL) in the ratio of 1:1

MUMBAI, OCTOBER 16, 2019 (GPN) : Gujarat Fluorochemicals Limited (“GFCL” – BSE – 542812| NSE FLUOROCHEM|INE09N301011), part of the $3 billion INOX Group of Companies and owner of the chemicals business of GFL Ltd. 9 (BSE – 500173 | NSE – GFLLIMITED |  INE538A01037), listed on the stock exchanges. The shareholders of GFL Ltd. were allotted 1 (one) fully paid equity share of Re 1/- of Gujarat Fluorochemicals Ltd. (GFCL) for every 1 (one) fully paid equity share of Re 1/- of GFL Ltd. Today, 10,98,50,000 equity shares of Re 1/- of Gujarat Fluorochemicals Limited (“GFCL”) got listed on the stock exchanges and trading commenced.

Present on the occasion of the listing ceremony of GFCL at the iconic BSE auditorium were Mr. Vivek Jain (MD, GFCL), Mr. Deepak Asher (Director & Group Head – Corporate Finance, Inox Group of Companies), Mr. Devansh Jain (Director, INOX Group), Mr. Bhavin Desai (Company Secretary, GFCL) and Mr. Kersi Tavadia (CIO, BSE) amongst others.

Commenting on this occasion, Mr. Deepak Asher, Director & Group Head (Corporate Finance), Inox Group, said, “The demerger and the listing of the chemical business as a separate entity on the exchanges is in tandem with the long term vision of the INOX Group. The demerger would entail several benefits such as a separate and independent listing of the chemicals business leading to unlocking of shareholder value for GFL shareholders. It provides an opportunity for investors who wish to invest only in the chemicals business of GFL. It leads to segregation of various businesses with different risk and return profiles. It entails a better focused growth strategy and capital allocation for each of the businesses. It stimulates economies in business operations, optimal utilization of resources and greater administrative efficiencies.” Talking about the company’s strategy, Mr. Asher added, “GFCL, post this demerger, will now focus on the growth strategy for its chemicals business, including climbing up the value chain of high value-added PTFE, development and growth of fluoropolymers and fluorospecialty chemicals.”

Before the demerger, GFL Limited owned (i) the Chemical Business, (ii) 57% stake in INOX Wind Limited [IWL] (the Wind Energy Solutions Business), (iii) 51% stake in INOX Leisure Limited [ILL] (the Cinema Exhibition Business) and (iv) and some other investments. Post the demerger, GFL Ltd. (the entity after the demerger of the Chemical Business from GFL) continues to own 57% stake in IWL and 51% stake in ILL, and some other investments, whereas GFCL owns the chemicals business which is separately listed. ENDS