Torrent Cables is locked in upper circuit of 10% at Rs 113, also its 52-weeek high on the BSE, after board approved amalgamation of the company with Torrent Power.
“A composite scheme of amalgamation between Torrent Energy, a wholly owned subsidiary of Torrent Power, and Torrent Cables with Torrent Power was recommended by the Audit Committee and approved by the board of directors of the company,” Torrent Cables said in a statement.
Every equity shareholder holding 20 fully paid shares of Rs 10 each of Torrent Cables, shall be entitled to receive 19 fully paid up equity shares of Rs 10 each of Torrent Power, it added.
Shares in Torrent Cables has rallied 53% in past three trading sessions from Rs 74 on May 8, after the company announced that its board will consider re-organisation of power sector operations.
At 1010 hours, around 42,000 shares have changed hands and there are pending buy orders for 128,585 shares on the BSE.
Torrent Power, on the other hand, is trading higher by 2% at Rs 144, extending its 29% rally in past two days on the BSE.
“A composite scheme of amalgamation between Torrent Energy, a wholly owned subsidiary of Torrent Power, and Torrent Cables with Torrent Power was recommended by the Audit Committee and approved by the board of directors of the company,” Torrent Cables said in a statement.
Every equity shareholder holding 20 fully paid shares of Rs 10 each of Torrent Cables, shall be entitled to receive 19 fully paid up equity shares of Rs 10 each of Torrent Power, it added.
Shares in Torrent Cables has rallied 53% in past three trading sessions from Rs 74 on May 8, after the company announced that its board will consider re-organisation of power sector operations.
At 1010 hours, around 42,000 shares have changed hands and there are pending buy orders for 128,585 shares on the BSE.
Torrent Power, on the other hand, is trading higher by 2% at Rs 144, extending its 29% rally in past two days on the BSE.
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