Astra Microwave Products Board Approves Demerger of Space Business into Separate Entity
Astra Microwave Products (NSE:ASTRAMICRO, BOM:532493) said its board has approved a scheme to demerge its space, meteorology and hydrology business into a wholly owned subsidiary, Astra Space Technologies, according to a Wednesday filing on Indian bourses.The said business generated revenue of about 1.57 billion rupees for the financial year ended March 31, accounting for 13.6% of the company's total turnover, the filing said.Astra Microwave said the proposed restructuring is aimed at creating two separately listed entities: one focused on radar electronics, electronic warfare and telemetry businesses, and the other focused on space, meteorology and hydrology operations.The scheme is subject to necessary regulatory and tribunal approvals.Astra Microwave's shares fell nearly 1% in recent trade.
