GHCL Limited, India's leading Chemical & Textile Company, announced effective date of demerger of its spinning business as April 1, 2023, which will henceforth be referred to as GHCL Textiles Limited. This marks completion of demerger of textiles business of GHCL Ltd.
Commenting on the announcement, Mr. R S Jalan, Managing Director, GHCL Limited said, "Over the past few years, GHCL Limited has delivered a significant operational performance, consistently generated healthy cash flows, and strengthened its balance-sheet. At the same time, have meticulously enhanced our footprint through various value-creating capacity and capability augmentations. Having distinct operating entities shall allow both businesses to prioritize relevant focus areas and respond to market opportunities in a nimbler manner. This demerger is envisaged to create strong independent businesses uniquely positioned to enhance stakeholders' value over time."
Shares of GHCL Limited was last trading in BSE at Rs. 503.60 as compared to the previous close of Rs. 499.60. The total number of shares traded during the day was 15092 in over 773 trades.
The stock hit an intraday high of Rs. 509.30 and intraday low of 499.20. The net turnover during the day was Rs. 7603873.00.