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Sintex Industries trades post demerger of custom moulding biz

The stock soared 90% to Rs 34 from its opening level at Rs 17.90 on the NSE

SI Reporter  |  Mumbai 

Sintex Industries trades ex-spin off

zoomed 85% to Rs 34.50 from its opening level of Rs 18.65 on BSE on back of heavy volumes. The stock has started trading ex-with effect from today .

has fixed May 26, 2017 as the record date for the purpose of determination of entitlement for allotment equity shares as per the composite

The company’s board, in September 2016, had approved a composite for the demerger of the 'custom moulding business' and the 'prefab business' from to Sintex-BAPL and Sintex Infra Projects, respectively, each a wholly owned subsidiary of Sintex Plastics Technology (SPTL).

The scheme involves issuance of equity shares of SPTL to the shareholders of such that shareholders of will effectively get one equity share of SPTL upon demergers against one equity share held in and listing of these equity shares of SPTL on the BSE and NSE.

The transaction is expected to unlock value of shareholders by separating various businesses in different entities, said in a press release.

Meanwhile, on Wednesday, May 24, 2017, Credit Suisse (Singapore) and Merrill Lynch Singapore PTE, had collectively sold 6.3 million equity shares of for an average price of Rs 104.62 on NSE, the bulk deals data shows. CLICK HERE TO READ FULL REPORT
 
On the National Stock Exchange (NSE), the stock soared 90% to Rs 34 after opening at Rs 17.90. It hit a low of Rs 16.15 on NSE and Rs 17.75 on BSE so far.

At 11:07 am, it  was trading at Rs 31.15. A combined 128 million shares have changed hands on the BSE and NSE.

First Published: Thu, May 25 2017. 11:14 IST
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