1,60,57,466 shares of the face value of Rs 5 each are available
for trading after demerger of metering division and power generation business
Bangalore, June 6, 2012: Electrical equipment major Eon Electric Limited (formerly Indo Asian Fusegear Ltd.), is resuming trading of its shares w.e.f 7th June, 2012 at Bombay Stock Exchange and National Stock Exchange under the scrip code 532658 (BSE) and EON (NSE). Eon Electric Limited has demerged its metering division and power generation businesses due to which its shares were not in trade at the Stock Exchanges w.e.f. 8th May, 2012. Now EON are reverting to the market with its 1, 60, 57,466 Equity Shares of the face value of Rs. 5/- each for trading. These shares can be traded in a lot of one share as well. Eon Electric Limited is registered with an ISIN No. of INE076H01025.
Pursuant to the Scheme of Arrangement for Demerger of the Metering Division & proposed Power Generation Business of Eon Electric Limited into Advance Metering Technology Ltd., sanctioned by Hon’ble High Court for the States of Punjab & Haryana at Chandigarh vide its Order dated 27th March 2012, the process of demerger has been completed with effect from the effective date i.e. 8th April 2012.
In accordance with the Scheme, the Equity Shareholders of Eon Electric Limited (“EON”) are entitled to 1(One) fully paid-up Equity Share of the face value of Rs. 5/- each of EON and 1(One) fully paid-up Equity Share of the face value of Rs. 5/- each of Advance Metering Technology Limited (“AMTL”) in lieu of every 1(One) fully paid-up Equity Share of the face value of Rs. 10/- each held by them in EON as on the Record Date (i.e 9th May, 2012). Accordingly, the Board of Directors of EON & AMTL has allotted the said equity shares on 12th May, 2012.
Eon Electric has demerged its Metering Division and Power Generation business into a separate entity named, Advance Metering Technology Limited in the month of April this year. Eon Electric Limited continues to carry on the existing businesses of wires and cables, wiring accessories, energy efficient light sources, luminaries and also foraying into new businesses which will be revenue assertive to company and will also increase the wealth of the shareholders.
Commenting on the resuming of trading, EON Electric Limited CMD, Mr. V.P. Mahendru, said,
“We are very happy to announce the availability of ours shares in stock exchanges, once again. With 55 years of experience under our belt, we have thrived and grown because of the strong values which define the company. At the same time it is the support and confidence of our shareholders that company has achieved such heights. Rebranding to EON from Indo Asian represents dynamism of the organization to consistently evolve with changing times. Looking forward, we are planning to expand our horizon and are very soon going to foray into manufacturing of green and energy saving electronic appliances. We have already started manufacturing of fans and geysers which very less energy consuming. As always, we are committed towards our esteemed stakeholders and we strive hard to offer the best possible returns to them.”
Growth & Expansion
After the sale of its Switchgear Business, Eon Electric Ltd. has taken several initiatives for growing its existing product portfolio of Wires, Lighting and Wiring Accessories by augmenting its capacities and adding specialty Cables, cutting edge LED technology in Lighting and Home Automation Devices which will control lights through presence sensor switches and ON and OFF devices at home to save 25 – 30% power, as well as guard homes against intruders, gas leakage, water leakage and will provide access control and remote surveillance of Homes through Telephone. The company is investing to double its capacity of special Wires and Cables and is targeting 300% growth in revenue in this segment in FY 2012-13.
EON is also launching a wide range of energy efficient Fans to widen its product offerings to the customers. EON has worked on new technologies of Fans which will be able to save upto 30% of power compared to the best rated Fans available in the market.
Reiterating EON’s commitment to invest in green energy, the company is also working to set up India’s First Green Field Plant for Lithium Ion Batteries with an investment of about Rs. 100 crores which will go into production by end of FY 2012-13. This will substantially add to company’s revenues in the coming years. Lithium Ion Batteries are high growth product category and are used in all portable devices such as Mobile Phones, Tablets, Laptops, MP3 Players, Cameras etc. and are set to power electric vehicles too! The market for Lithium Ion Batteries is growing by over 20% globally.
Revenue & Capex
The product portfolio of Eon Electric Ltd is now growing multifold every year. The company is projecting to close FY 2012-13 with a turnover of Rs 200 crore which is 400% growth on turnover of year 2011-12. EON is investing about Rs. 125 crores in FY 2012-13 to augment its existing capacities as well as in green field ventures mentioned above.
ABOUT EON ELECTRIC LIMITED
Eon Electric Limited (Formerly known as Indo Asian Fusegear Limited (IAFL) is a well established company for over 55 years operating in electrical equipment domain. The company specializes in the manufacture of a wide variety of electrical equipment including Lighting products, Wires & Cables, Wiring Accessories etc. at its various state-of-the-art plants in Northern India. The company now has also added energy efficient LED Lamps, energy efficient Fans and Home Automation and Switching Devices to its product portfolio. With its presence in markets across the globe, the company is today synonymous with high quality products for electrical distribution, protection and lighting equipments in India, Asia as well as other developed countries.
More details are available on www.eonelectric.com