Sintex Spin-Off Sintex Plastics Technology Ltd Likely To List In Next Few Days


The board of Sintex Industries Limited has considered the composite scheme of arrangement between Sintex Industries Limited, Sintex Plastics Technology Limited, Sintex-BAPL Limited and Sintex Infra Projects Limited and their respective shareholders and creditors.

The board of the Sintex Industries Limited had fixed the record date as May 26, 2017 for the proposed demerger of the custom moulding business and prefab business, reported the leading business daily.

On Friday, the names of the equity shareholders of Sintex Industries Limited who shall be eligible for allotment of fully paid up equity shares of the face value of Rs 1 of Sintex Plastics Technology Limited will be considered.

The shares allotment after spin-off will be considered as following:
One equity share of Rs 1 each credited as fully paid-up of Sintex Plastics Technology Limited for every two equity shares of Rs 1 each fully paid-up and held by such equity shareholder in Sintex Industries Limited, being the consideration of the transfer and vesting of the custom moulding undertaking of Sintex Industries Limited in Sintex-BAPL Limited.
One equity share of Rs 1 each credited as fully paid-up of Sintex Plastics Technology Limited for every two equity share of Rs 1 each fully paid-up and held by such equity shareholder in Sintex Industries Limited being the consideration of the transfer and vesting of the Prefab undertaking of Sintex Industries Limited in Sintex Prefab and Infra Limited.

Sintex Plastics Technology Limited is expected to start trading in next 10-15 days. After the issuance and allotment of the equity shares by Sintex Plastics Technology Limited (Resulting Company), the resulting company will complete the necessary steps to have the equity shares listed on the BSE and NSE. 

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