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Polyplex Corporation soars as its arm enters into SPA to sell 100% stake in PR

09 Jan 2015 Evaluate

Polyplex Corporation is currently trading at Rs. 214.05, up by 3.45 points or 1.64% from its previous closing of Rs. 210.60 on the BSE.

The scrip opened at Rs. 216.00 and has touched a high and low of Rs. 216.60 and Rs. 212.50 respectively. So far 2318 shares were traded on the counter.

The BSE group 'B ' stock of face value Rs. 10 has touched a 52 week high of Rs. 319.00 on 16-Sep-2014 and a 52 week low of Rs. 125.00 on 17-Feb-2014.

Last one week high and low of the scrip stood at Rs. 225.75 and Rs. 205.30 respectively. The current market cap of the company is Rs. 683.67 crore.

The promoters holding in the company stood at 46.93% while Institutions and Non-Institutions held 6.55% and 46.52% respectively.

Polyplex Corporation’s - wholly owned subsidiary - Polyplex (Asia), Singapore (PAPL) and step down subsidiary Polyplex Europa Polyester Film San ve Ticaret, Turkey (PE), in which company has 51% stake, have entered into a Share Purchase Agreement (SPA), to sell their respective stake, 100% in aggregate, in Polyplex Resins Sanayi Ve Ticaraet AS, Turkey (PR) to Indorama Netherlands BV, a wholly owned subsidiary of Indorama Ventures Public Company, Thailand (IVL).

The above divestment would enable the Polyplex Group to concentrate its resources and management attention towards its core business of plastic films. The transaction would be significantly cash accretive, reduce the leverage on the consolidated Balance Sheet and enable the Group to grow further.

PR is not a material subsidiary of the company. PR was setup in 2011 to invest in a Greenfield PET Bottle Grade Resin line in Corlu, Turkey. Above transaction is expected to be completed within first quarter of 2015, subject to receipt of necessary approvals and fulfillment of other conditions.

Polyplex Corporation Share Price

886.65 -3.10 (-0.35%)
17-Apr-2026 16:59 View Price Chart
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