ITC has moved higher by 2% at Rs 303, bouncing back over 6% from intra-day low, after the board of diversified company fixes a merger ratio.
The board of directors of the company today approved the demerger of the non-engineering business comprising safety matches business and agri (forestry) business of Wimco into itself and the related scheme of arrangement between Wimco and the company. Wimco is a subsidiary company of ITC.
The members of Wimco will be entitled to 2 ordinary shares of Re 1 each of the ITC for every 77 equity shares of Re 1 each of Wimco held by them on such date as may be determined, ITC said in a statement.
The stock opened at Rs 298 and hit a low of Rs 285 in early morning deals on BSE. A combined 10.06 million shares change hands on the counter till 1250 hours on BSE and NSE.
The board of directors of the company today approved the demerger of the non-engineering business comprising safety matches business and agri (forestry) business of Wimco into itself and the related scheme of arrangement between Wimco and the company. Wimco is a subsidiary company of ITC.
The members of Wimco will be entitled to 2 ordinary shares of Re 1 each of the ITC for every 77 equity shares of Re 1 each of Wimco held by them on such date as may be determined, ITC said in a statement.
The stock opened at Rs 298 and hit a low of Rs 285 in early morning deals on BSE. A combined 10.06 million shares change hands on the counter till 1250 hours on BSE and NSE.