Upon completion of pre-closing conditions as per the terms of Debenture Subscription Agreement dated 29th April, 2022, Astral Limited has subscribed to Optionally Convertible Debentures of Rs. 194 Crores issued and allotted by Gem Paints Private Limited today.
Further, the Company has appointed majority directors on the Board of Gem Paints Private Limited and Esha Paints Private Limited and control is established in terms of the aforesaid Debenture Subscription Agreement. Accordingly, Gem Paints Private Limited and Esha Paints Private Limited have become subsidiary and step down subsidiary of the Company respectively in terms the applicable provisions of the Companies Act 2013.
Shares of Astral Poly Technik Limited was last trading in BSE at Rs. 1686.10 as compared to the previous close of Rs. 1607.40. The total number of shares traded during the day was 6267 in over 1337 trades.
The stock hit an intraday high of Rs. 1689.95 and intraday low of 1610.00. The net turnover during the day was Rs. 10421496.00.