LG Electronics India to Restructure Equity Feb 23, 2004

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LG Electronics India (LGEIL) plans to restructure equity by transferring 11 shares currently held by the Korean parent company jointly with resident individuals to the single holding of LG Electronics Korea.

With a paid-up capital of more than Rs 1.13 billion (approx. U.S. $24.96 million), LGEIL is a wholly-owned subsidiary of the Korean parent and in its application to the government seeking permission for equity restructuring, it has given an assurance that the pattern of equity holding will remain the same, sources said.

However, whether this restructuring will be followed by a long-pending IPO was not clear. Despite several attempts, neither LGEIL Chief K R Kim nor Marketing Head Anil Arora could be reached for comments. (PTI, Asia Pulse)

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