Surana Telecom board approves proposal for demerger of Solar Business of Bhagyanagar

Surana Telecom and Power Limited has announced that the Board of Directors of the Company at their Meeting held on October 12, 2015, interalia has finalised and approved the proposal for demerger of Solar Business of Bhagyanagar India Limited.

Oct 12, 2015 11:10 IST India Infoline News Service

News Newspaper Text
Surana Telecom and Power Limited has announced that the Board of Directors of the Company at their Meeting held on October 12, 2015, interalia has finalised and approved the proposal for demerger of Solar Business of Bhagyanagar India Limited and merge with the Company in terms of the Scheme of Arrangement pursuant to the provisions of the Companies Act, 1956 / 2013 ( the Scheme ).

The scrip opened at Rs. 5 and touched a high and low of Rs. 5.49 and Rs. 5 respectively. A total of 54487(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs. 54.39 crore.
The BSE group 'B' stock of face value Rs. 1 touched a 52 week high of Rs. 17.44 on 09-Apr-2015 and a 52 week low of Rs. 3.1 on 14-Sep-2015. Last one week high and low of the scrip stood at Rs. 5.32 and Rs. 4.26 respectively.
The promoters holding in the company stood at 74.59 % while Institutions and Non-Institutions held 1.26 % and 24.15 % respectively.
The stock traded below its 200 DMA.

Related Story