Sintex Plastics Technology hits upper circuit of 5% on debut

Sintex Plastics Technology is locked in upper circuit of 5% at Rs 136.50 on BSE. The stock opened at Rs 130, and has seen no sellers on the counter.

Till 10:17 am; a combined 8.35 million shares changed hands and there were pending buy orders for 5.43 million shares on the BSE and NSE. Shares of Sintex Plastics are admitted to dealings on the exchange in the list of T group of securities.

Sintex Plastics makes prefabricated structures, custom moulding and storage tanks.

In September 2016, the board of directors of Sintex Industries approved the composite scheme of arrangement for the demerger of custom moulding business and prefab business from Sintex Industries 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 Sintex Industries got one equity share from Sintex Plastics Technology for one share held in company.

Sintex Industries was trading 3.5% lower at Rs 34.90 on BSE, after hitting a high of Rs 37.40 in intra-day trade.

Sintex Industries gained 3.5% to Rs 97.85 on BSE after more than 1% of its total equity changed hands in a block deal. At 1:44 pm; about 9.11 million equity shares representing 1.74% of total equity of Sintex Industries changed hands on the BSE, the exchange data shows. The name of buyers and sellers not immediately ascertained. At 2:54 pm; the stock was trading 3.4% higher at Rs 97.70 after hitting low of Rs 93.50 in intra-day trade on Friday. A combined 18.6 million shares changed hands on the counter on the BSE and NSE so far. Post October-December...

Sintex Industries zoomed 85% to Rs 34.50 from its opening level of Rs 18.65 on BSE on back of heavy volumes. The stock has started trading ex-scheme of arrangement with effect from today.

Sintex Industries has fixed May 26, 2017 as the record date for the purpose of determination of entitlement for allotment equity shares as per the composite scheme of arrangement.

The company’s board, in September 2016, had approved a composite scheme of arrangement for the demerger of the 'custom moulding business' and the 'prefab business' from Sintex Industries to Sintex-BAPL and Sintex Infra Projects, respectively, each a wholly owned subsidiary of Sintex Plastics Technology (SPTL).

The scheme involves issuance of equity shares of SPTL to the shareholders of Sintex Industries such that shareholders of Sintex Industries will effectively get one equity share of SPTL upon demergers against one equity share held in Sintex Industries and listing of these equity shares of SPTL on the BSE and NSE.

The transaction is expected to unlock value of shareholders by separating various businesses in different entities, Sintex Industries said in a press release.

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