Friday, 26 May 2017

Sintex Industries ends 75% lower after rising 94% as it trades ex-scheme of arrangement

In September 2016, the company had approved a composite scheme of arrangement for the demerger of the custom moulding business from Sintex Industries into Sintex-BAPL and prefab business from Sintex Industries to Sintex Infra Projects.

Sintex Industries ended down 75 percent on Thursday (rose as much as 94 percent during the day) as it started trading ex-scheme of arrangement with effect from Thursday.

In September 2016, the company had approved a composite scheme of arrangement for the demerger of the custom moulding business from Sintex Industries into Sintex-BAPL and prefab business from Sintex Industries to Sintex Infra Projects.

The company fixed May 26, 2017 as the record date for the purpose of reckoning the names of the equity shareholders of Sintex Industries who shall be eligible for allotment of fully paid up equity shares of Sintex Plastic Technology.

Under the said scheme of arrangement, shareholders of Sintex Industries will get one share of Sintex Plastic Technology for every share of Sintex Industries held on the record date.

Shares of Sintex Plastic Technology will be listed separately.

On May 24, 2017 Credit Suisse (Singapore) A/C Credit Suisse (Singapore) sold 32,91,709 shares of Sintex Industries at Rs 104.13. However, Merrill Lynch Markets Singapore Pte sold 30,17,625 shares at Rs 105.11.

Sintex Industries ended at Rs 25.80, down Rs 78.55, or 75.28 percent on the BSE.
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