Orient Electric Share Price

Orient Electric Ltd was incorporated on 10th October 2016 and was a subsidiary of Orient Paper & Industries Ltd. (OPIL). A scheme of arrangement had been filed with the National Company Law Tribunal to demerge the consumer electric business of the holding Company (OPIL) by transferring the same on a going concern basis to the Company w.e.f 1st March 2017, which has subsequently been approved by the National Company Law Tribunal.Pursuant to Scheme of Arrangement shares held by the demerged Company stands cancelled and post demerger, the Company is no more a subsidiary of OPIL.The Company is primarily engaged in manufacture/purchase and sale of Electrical Consumer Durables and Lighting & switchgear products. The Company presently has manufacturing facilities at Faridabad, Noida, Kolkata and Guwahati. The Company has allotted 21,21,85,502 equity shares of Re 1 each to the shareholders of the Demerged Company, Orient Paper & Industries Limited, in the ratio of 1:1 subsequent to passing of the aforesaid order by NCLT. The COVID-19 pandemic rapidly gathered momentum during March 2020, to trigger a Janata Curfew on 22nd March 2020 followed by factory closures from 23rd March 2020 and a country-wide lockdown w.e.f. 24th March 2020.