Dhampur Bio Organics Ltd. debuted on the bourses after its demerger from Dhampur Sugar Mills Ltd.
The company, carved out of Dhampur Sugar Mills after a scheme of arrangement sanctioned by the National Company Law Tribunal, Allahabad Bench, listed at Rs 169 on the BSE and Rs 160.1 on the National Stock Exchange.
The scrip had a volatile start. It rose as much as 3% to Rs 174 but soon pared all gains to trade 5% lower at Rs 160.5 apiece on the BSE, before advancing again in early trade.
It ended flat, only 0.4% higher, at Rs 169.75 apiece on Thursday.
According to the scheme passed on April 27 this year, Dhampur Bio shall issue and allot one fully paid up equity share of Rs 10 for every one such share of Rs 10 held in Dhampur Sugar Mills.
The sugar, industrial alcohol, ethanol, chemicals and portable alcohol and power manufacturing units of Dhampur Sugar Mills were demerged and transferred to Dhampur Bio Organics.
The BSE, in its notice, said Dhampur Bio Organics will be a part of special pre-open session for IPO, as is the norm for relisted scrip or entities emerging from a scheme of arrangement or demerger. According to SEBI regulations, the scrip will be in trade-for-trade segment for 10 trading days, thus trading volume is expected to remain muted.
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