Sintex Inds gains as board allots shares to FCCB holders

Sintex Industries rose 1.56% to Rs 107.45 at 12:35 IST on BSE after the company said the board has allotted equity shares to foreign currency convertible bond holders.

The announcement was made after market hours on Friday, 31 March 2017.

Meanwhile, the S&P Sensex was up 213.79 points, 0.72% at 29,835.99. The S&P BSE Mid-cap index was up 93.32 points or 0.66% at 14,189.97.

On the BSE, 4.08 lakh shares were traded on the counter so far as against the average daily volumes of 12.18 lakh shares in the past two weeks. The stock had hit a high of Rs 107.80 so far during the day, which is also its 52-week high. The stock hit a low of Rs 105.90 so far during the day. The stock had hit a 52-week low of Rs 70 on 12 August 2016.

Sintex Industries said that foreign currency convertible bonds (FCCBs) committee of the board on Friday, 31 March 2017, allotted 1.20 crore equity shares to FCCB holders, on receipt of further notice dated on 31 March 2017 for the exercise of their conversion rights.

The company has issued FCCBs for $110 million due 2022 on 25 May 2016.

Sintex Industries' consolidated net profit declined 38.9% to Rs 110.81 crore on 0.1% decrease in net sales to Rs 2075.01 crore in Q3 December 2016 over Q3 December 2015.

Sintex is a diversified group with businesses across 2 principal business segments - plastics (including infrastructure) and textiles.

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