Rane Engine,Rane Brake to spin off manufacturing biz

Newswire

MUMBAI, Aug 20 (Reuters) - Rane Engine Valves Ltd and Rane Brake Linings Ltd said their manufacturing businesses would be spun off into a new firm and non-manufacturing activities merged with Rane Holdings Ltd. Rane Engine shareholders will get 100 shares in the spun off firm and 56 in Rane Holdings for every 100 held, it said in a statement on Monday. Rane Brake shareholders will get 100 shares in the new company and 75 in Rane Holdings for every 100 held, it said in a separate statement.

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