Jhaveri Weldflux is currently locked at its upper circuit limit of Rs 3.64, up by 0.17 points or 4.90% from its previous closing of Rs 3.47 on the BSE.
The scrip opened at Rs 3.47 and has touched a high and low of Rs 3.64 and Rs 3.46 respectively.
The BSE group 'T' stock of face value Rs 10 has touched a 52 week high of Rs 9.75 on 30-May-2011 and a 52 week low of Rs 2.86 on 30-Aug-2011.
Last one week high and low of the scrip stood at Rs 3.65 and Rs 3.21 respectively. The current market cap of the company is Rs 1.04 crore.
The promoters holding in the company stood at 33.57% while Institutions and Non-Institutions held 0.11% and 66.32% respectively.
Jhaveri Weldflux has received an approval for the composite scheme of arrangement and amalgamation which includes reduction of equity share capital of Jhaveri Wledflux from Rs 3,00,00,000 divided into 30,00,000 equity shares of Rs 10 each fully paid up to Rs 30,00,000 divided in to 30,00,000 equity shares of Re 1 each fully paid up and such reduction be effected by canceling Rs 9 per share on 30,00,000 equity shares amounting to Rs 2,70,00,000 in the existing paid up equity share capital and post reduction, to consolidate the face value of equity shares from Re 1 per share to Rs 2 per share and amalgamation of VHCL Industries with Jhaveri Weldflux.
It has also received approval for share exchange ratio for the proposed composite Scheme of arrangement and amalgamation which is 3 equity shares of Rs 2 each of Jhaveri Wledflux (Transferee Company) for every 2 shares of Rs 2 each held by the shareholders in VHCL Industries (Transferor Company).
The company has received an approval at its board meeting held on September 22, 2011. Further, this approval is subject to the approval of the High Court of Bombay, shareholders, Stock Exchanges where the shares of the company are listed and other relevant regulatory authorities.
Jhaveri Weldflux is engaged mainly in the manufacture of welding flux. Located in the Raigad district of Maharashtra, the manufacturing unit has capacity to manufacture welding flux, wires and electrodes including submerged arc-welding flux and copper-coated mild steel wires. The company caters to the liquid petroleum gas and engineering industries.