Demerged Sintex Industries Shares Surge 85% On Trading Debut
Sintex Industries shares surged as much as 85 per cent to Rs 34.50 on the Bombay Stock Exchange against its opening price of Rs 18.65 after it started trading ex-scheme of arrangement with effect from today (Thursday). Sintex Industries had fixed May 26, 2017 as the record date for the purpose of determination of entitlement for allotment of equity shares of the demerged entity as per the composite scheme of arrangement.
Last year in September, Sintex Industries board had approved demerger of its 'custom moulding business' and 'prefab business' from Sintex Industries to Sintex-BAPL and Sintex Infra Projects, respectively as wholly owned subsidiaries of Sintex Plastics Technology (SPTL). According to the company this transaction is likely to unlock shareholder's value.
Under the scheme of arrangement, shareholders of erstwhile Sintex Industries will get one share of SPTL for every share of Sintex Industries held on the record date. STPL shares will be listed separately on BSE and NSE within next 45-60 days.
Sintex Industries shares now reflect the value of its textile business only. Textile is the oldest business of Sintex Industries. In FY16, the textile business of Sintex industries contributed 12 per cent to its overall revenue. It (textile business) focuses mainly on high-end jacquared fabric. Its key customers are Hugo Boss, Armani, Tommy Hilfiger, Van Heusen and Zara.
Sintex Industries shares closed 38.34 per cent higher at Rs 25.80 against its opening price of Rs 18.65.
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