The Board of Directors of Sintex Plastics Technology Ltd at its Meeting held on 19th July, 2019 has considered the binding offer received for the purchase of the entire equity holding of its indirect wholly owned subsidiary, Sintex NP SA S, by a consortium of private equity investors (being Siparex ETI, BNP Paribas Developpement, Carvest-Credit Agricole Regions Investissement and Africinvest) through X T E C H Invest, a French societe par actions simplifiee a associe unique. The board has agreed to enter into exclusive and confidential discussions with the private equity investors and is in the process of finalising the definitive documentations. The signing date of such transaction is expected to occur by the end of July 2019.
The Company is working towards reducing its leverage and the sale proceeds would be used to repay the debt in its subsidiaries. The transaction is subject to entering into definitive documentation and completion of closing formalities to be agreed under the definitive documents including receipt of approvals of the shareholders of the Company and anti-trust approvals.
Shares of Sintex Plastics Technology Ltd was last trading in BSE at Rs.6.03 as compared to the previous close of Rs. 6.05. The total number of shares traded during the day was 167228 in over 229 trades.
The stock hit an intraday high of Rs. 6.28 and intraday low of 5.94. The net turnover during the day was Rs. 1020296.