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Astral Poly spurts after board OKs acquisition of Rex Polyextrusion

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rose 3.49% to Rs 1035 at 14:55 IST on after the company said its board approved the acquisition of

The announcement was made after market hours yesterday, 9 July 2018.

Meanwhile, the Sensex was up 235.44 points, or 0.66% to 36,170.16.

On the BSE, 17,000 shares were traded in the counter so far compared with average daily volumes of 25,000 shares in the past two weeks. The stock had hit a high of Rs 1037.50 and a low of Rs 1008.15 so far during the day. The stock hit a record high of Rs 1,059.85 on 26 June 2018. The stock hit a 52-week low of Rs 606.10 on 3 August 2017.

said its board approved the acquisition of 51% equity share capital of by cash for Rs 75.22 crore. It also approved amalgamation of with the company. The company shall issue its equity shares in exchange of remaining 49% equity shares of Rex Polyextrusion under the scheme of amalgamation. The board also approved the draft scheme of amalgamation, valuation report and other relevant documents in relation to the scheme of amalgamation. The scheme is subject to applicable statutory and regulatory approvals including approval of the

Rex is in the business of and supply of Proposed amalgamation shall expand the existing product line of and allow it to enter into the

On a consolidated basis, net profit of Astral Poly Technik rose 17.69% to Rs 65.32 crore on 10.83% rise in net sales to Rs 650.60 crore in Q4 March 2018 over Q4 March 2017.

Astral Poly Technik manufactures plumbing, drainage, fire sprinkler and for both residential and commercial applications, CPVC piping systems for and column and for

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Tue, July 10 2018. 14:59 IST
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