Time Technoplast climbs ~2% as board accords approval for restructuring of overseas business

11 Apr 2022 , 03:32 PM

Time Technoplast’s counter gained 1.99% in today’s trade as the company has announced that the board has given in approval for restructuring of overseas business subject to the approval of members.

The company will restructure the business to capture the growth in Asian Countries, the Middle East, and the USA through Joint Venture/Special Purpose Vehicle by onboarding a strategic partner/investor partner by way of sale or disposal of all or part of assets/investments of subsidiaries, material subsidiaries or step down subsidiaries.

The Company will utilize the proceeds of the restructuring for debt repayment, Capex for Composite Cylinders (LPG/CNG/Hydrogen) & Core Business in India to cater to huge market demand and Benefit the shareholders.

Time Technoplast is currently trading at Rs84.20 up by Rs1.5 or 1.81% from its previous closing of Rs82.70 on the BSE. It has touched intraday high and low of Rs88.35 and Rs83.65 respectively.