APL Apollo zooms 48% in 10 trading sessions as Board okays merger scheme

The company's board on February 26 had approved the merger of Shri Laxmi Metal Udyog and Apollo Tricoat Tubes with the company.

Shares of APL Apollo Tubes (APL Apollo) hit a new high of Rs 1,394, up 4 per cent on the BSE, in the intra-day trade on Monday, surging 30 per cent in the past six trading days after the company’s board approved the merger of Shri Laxmi Metal Udyog and Apollo Tricoat Tubes (Apollo Tricoat) with the company. The stock was trading higher for the 10th straight day and has rallied 48 per cent during the period.

Apollo Tricoat’s minority shareholders will receive one equity share in APL Apollo for each equity share held Apollo Tricoat. This transaction has