 "Transport Corporation locked in lower circuit for third day on demerger")
Shares of Transport Corporation of India (TCI) were locked in lower circuit for the third straight trading session, down 5% at Rs 193 on the BSE. The stock of logistics firm on Friday, August 26, had turned ex-demerger of its express distribution business, TCI Express.
Last year, Transport Corporation of India’s board had approved the demerger of its express distribution division undertaking into wholly-owned subsidiary TCI Express.
As per the scheme of arrangement, the resulting company will issue and allot shares to the shareholders of the demerged company. For every two equity shares of TCI having face value of Rs 2, investors will get one equity share of TCI Express having face value of Rs 2.
TCI Express (erstwhile XPS Undertaking now demerged) is a leading express distribution specialist, it offers a single window door-to-door & time definite solution for customers’ express requirements.
On August 25, the share price of TCI closed at Rs 368.05. After spin off of the company’s express division business, the share price of TCI opened at Rs 225 on August 26. Since then, the stock is down 14% till date.
Till 02:16 pm, a combined 101,584 shares of TCI changed hands on the BSE and NSE. There were pending sell orders for 21,676 shares on both the exchanges.
Last year, Transport Corporation of India’s board had approved the demerger of its express distribution division undertaking into wholly-owned subsidiary TCI Express.
As per the scheme of arrangement, the resulting company will issue and allot shares to the shareholders of the demerged company. For every two equity shares of TCI having face value of Rs 2, investors will get one equity share of TCI Express having face value of Rs 2.
TCI Express (erstwhile XPS Undertaking now demerged) is a leading express distribution specialist, it offers a single window door-to-door & time definite solution for customers’ express requirements.
On August 25, the share price of TCI closed at Rs 368.05. After spin off of the company’s express division business, the share price of TCI opened at Rs 225 on August 26. Since then, the stock is down 14% till date.
Till 02:16 pm, a combined 101,584 shares of TCI changed hands on the BSE and NSE. There were pending sell orders for 21,676 shares on both the exchanges.
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