The Board of Directors of Astral Poly Technik Limited ("The Company") in its meeting held on today approved the acquisition of 51% equity share capital of Rex Polyextrusion Pvt. Ltd. by cash.
The board also approved the amalgamation of Rex Polyextrusion Pvt. Ltd. with the Company. The Company shall issue its equity shares in exchange of remaining 49% equity shares of Rex Polyextrusion Pvt. Ltd. under the Scheme of Amalgamation. The Board of Directors also approved the draft Scheme of Amalgamation, Valuation Report and other relevant documents in relation to the Scheme of Amalgamation. The Scheme is subject to applicable statutory and regulatory approvals including approval of the National Company Law Tribunal.
The cost of acquisition of 51% equity stake of Rex Polyextrusion Pvt. Ltd. is Rs. 75,22,50,000/-
Rex is in the business of manufacturing and supply of corrugated and other plastic piping solutions.
Shares of ASTRAL POLY TECHNIK LTD. was last trading in BSE at Rs.995.65 as compared to the previous close of Rs. 989.85. The total number of shares traded during the day was 4379 in over 429 trades.
The stock hit an intraday high of Rs. 1004.8 and intraday low of 995.65. The net turnover during the day was Rs. 4375407.