Shares of Polyplex Corp. rose after it said its promoters would sell a 24.3% stake to Dubai-based AGP Holdco Ltd. for Rs 1,188.9 crore.
The deal amount has been revised downward from Rs 1,379.47 crore announced in May.
As per the terms of the deal, AGP Holdo will have the right to appoint one director to the board of Polyplex. The director will also be a member of identified board committees. The investor will have similar director appointment rights on the boards of the identified subsidiaries of Polyplex, according to an exchange filing on Tuesday.
Shares of the company rose as much as 5.25% to Rs 1,199.90 apiece, the most in a single day since Aug. 30, before paring gains to trade 2.24% higher at Rs 1,166 apiece as of 10:29 a.m. This compares to a 0.62% decline in the NSE Nifty 50.
It has fallen 24.83% on a year-to-date basis. Total traded volume so far in the day stood at 5.7 times its 30-day average. The relative strength index was at 46.33 as of 10:18 a.m.
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