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Sintex Plastics Technology declines on debut

Capital Market 

Sintex Plastics Technology was down 0.38% at Rs 129.50 at 11:31 on over its listing price of Rs 130 per share.

Meanwhile, the S&P Sensex was down 204.35 points, or 0.63% at 32,069.32.

So far the stock hit a high of Rs 136.50 and low of Rs 123.60. On BSE, so far 33.70 lakh shares were traded on the counter.

The equity shares of Sintex Plastics Technology are listed on the exchange in the list of T group (Trade-for-Trade) of securities. The scrip will trade in this segment for 10 trading days.

In September 2016, the board of directors of approved the composite scheme of arrangement for the demerger of custom moulding business and prefab business from to Sintex-BAPL and Sintex Infra Projects, respectively.

Both demerged companies are wholly-owned subsidiary of Sintex Plastics Technology. With this demerger plan, Sintex intends to streamline various businesses developed by the Group.

Upon demerger, shareholders of got one equity share from Sintex Plastics Technology for one share held in company.

The record date for the scheme of demerger was 26 May 2017.

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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, August 08 2017. 11:28 IST