Taneja Aerospace soars as board nod to demerger charter biz

The stock soared 13% to Rs 59 on back of heavy volumes on Bombay Stock Exchange.

Taneja Aerospace and Aviation has soared 13% to Rs 59 on BSE after its board approved the demerger of charter business into a separate company.

“The board of directors of the company at its meeting held on October 09, 2014, has approved the scheme of arrangement between Taneja Aerospace and Aviation Limited (‘TAAL’) and TAAL Enterprises Limited ('TEL’, a wholly owned subsidiary of the Company), where the charter business and investments in First Airways Inc. and TAAL Tech India Private Limited (subsidiaries of the company) would be demerged into TEL,” Taneja Aerospace said in a regulatory filing.

The shareholders of TEL will get  1 fully paid equity shares of face value Rs 10 each of TEL for every 8 fully paid equity shares of Rs 5  each held in TAAL.

The appointed date of the scheme is October 01, 2014. The shareholding of TEL post demerger would be the same as TAAL, it added.

The stock opened at Rs 57.40 and hit a 52-week high of Rs 61.50 on BSE. The trading volumes on the counter jump over ten-fold with a combined 249,000 shares changed hands till late noon deals on BSE.

Meanwhile, the stock outperformed the market by gaining 50% in past three trading sessions from Rs 40 on October 1 on media reports that Taneja Aerospace & Aviation is expected to be given a licence to manufacture 10 unmanned aerial vehicles (UAVs).