Man Industries (India) has rallied 8% to Rs 74.45 after its board approved the demerger of realty and construction business into a separate company.
The board approved the scheme of arrangement involving its saw pipes business and real estate and infrastructure business, Man Industries said in a regulatory filing.
The board observed that the pipe business and real estate construction/development business each have tremendous growth and profitability potential and therefore both the business activities require focused leadership and management attention, it added.
The flagship saw pipes business will continue to remain under Rameshchandra Mansukhani, while the infra projects business comprising the real estate and construction verticals will be taken care of by J C Mansukhani.
The board agreed upon a 1:1 ratio of allocation under which a shareholder will get one share in Man Infraprojects for every share held in Man Industries, the company said in a statement.
The stock opened at Rs 71.90 and touched high of Rs 79.90 on NSE. A combined 131,702 shares change hands on the counter so far on NSE and BSE.
The board approved the scheme of arrangement involving its saw pipes business and real estate and infrastructure business, Man Industries said in a regulatory filing.
The board observed that the pipe business and real estate construction/development business each have tremendous growth and profitability potential and therefore both the business activities require focused leadership and management attention, it added.
The flagship saw pipes business will continue to remain under Rameshchandra Mansukhani, while the infra projects business comprising the real estate and construction verticals will be taken care of by J C Mansukhani.
The board agreed upon a 1:1 ratio of allocation under which a shareholder will get one share in Man Infraprojects for every share held in Man Industries, the company said in a statement.
The stock opened at Rs 71.90 and touched high of Rs 79.90 on NSE. A combined 131,702 shares change hands on the counter so far on NSE and BSE.
