Aptiv's (APTV) board approved the spinoff of the electrical distribution systems business into a new public company named Versigent.

The record date will be March 17 at the close of trading, and the distribution will be before the market opens on April 1, Aptiv said Thursday in a statement.

Shareholders on the record date will receive one ordinary share of Versigent for every three Aptiv ordinary shares and will receive cash in case of any fractional shares.

Versigent expects to list its ordinary shares on the New York Stock Exchange with the symbol VGNT, and regular trading is expected to start on April 1.