Man Industries (India) has rallied 8% to Rs 74.45 after its board approved the demerger of realty and construction business into a separate company.
The board approved the scheme of arrangement involving its saw pipes business and real estate and infrastructure business, Man Industries said in a regulatory filing.
The board observed that the pipe business and real estate construction/development business each have tremendous growth and profitability potential and therefore both the business activities require focused leadership and management attention, it added.
The flagship saw pipes business will continue to remain under Rameshchandra Mansukhani, while the infra projects business comprising the real estate and construction verticals will be taken care of by J C Mansukhani.
The board agreed upon a 1:1 ratio of allocation under which a shareholder will get one share in Man Infraprojects for every share held in Man Industries, the company said in a statement.
The stock opened at Rs 71.90 and touched high of Rs 79.90 on NSE. A combined 131,702 shares change hands on the counter so far on NSE and BSE.
The board approved the scheme of arrangement involving its saw pipes business and real estate and infrastructure business, Man Industries said in a regulatory filing.
The board observed that the pipe business and real estate construction/development business each have tremendous growth and profitability potential and therefore both the business activities require focused leadership and management attention, it added.
The flagship saw pipes business will continue to remain under Rameshchandra Mansukhani, while the infra projects business comprising the real estate and construction verticals will be taken care of by J C Mansukhani.
The board agreed upon a 1:1 ratio of allocation under which a shareholder will get one share in Man Infraprojects for every share held in Man Industries, the company said in a statement.
The stock opened at Rs 71.90 and touched high of Rs 79.90 on NSE. A combined 131,702 shares change hands on the counter so far on NSE and BSE.
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →*Subscribe to Business Standard digital and get complimentary access to The New York Times
Smart Quarterly
₹900
3 Months
₹300/Month
SAVE 25%
Smart Essential
₹2,700
1 Year
₹225/Month
SAVE 46%
*Complimentary New York Times access for the 2nd year will be given after 12 months
Super Saver
₹3,900
2 Years
₹162/Month
Subscribe
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app
SAVE 25%