The Board of Directors of APM Industries Ltd at its meeting held today i.e. March 20, 2017 have approved the demerger / hiving off of the finance & investment business and assets of the company to its wholly owned subsidiary APM Finvest Limited, through a scheme of arrangement.
The company has recently formed APM Finvest Limited as a wholly owned subsidiary to carry on finance and investment business and has obtained the license from Reserve Bank of India to act as Non-Banking Finance Company (NBFC). The Board considered that over the period the company has accumulated substantial amount of financial assets which is being managed by the company as an internal business unit. The Board considered that as the company has formed a wholly owned subsidiary with the object of carrying on non-banking finance business, it would be expedient to hive-off the finance and investment business and assets of the company to the subsidiary and run it as an independent business.
Shares of APM INDUSTRIES LTD. was last trading in BSE at Rs.65.6 as compared to the previous close of Rs. 63.8. The total number of shares traded during the day was 38179 in over 246 trades.
The stock hit an intraday high of Rs. 67.7 and intraday low of 62.2. The net turnover during the day was Rs. 2511948.