SPIC sells 31.6% stake in Manali Petro; stock rises 9%

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SPIC sells 31.6% stake in Manali Petro; stock rises 9%

The company has sold 31.6%, of its 38.3% stake in Manali Petrochemical to promoters. The company is also planning to sell its non-core assets along with the remaining stake in Manali Petro to repay debts.

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Southern Petrochemical Industries Corporation (SPIC) touched an intraday high of Rs 18.40 and an intraday low of Rs 16.25. At 10:05 hrs the share was quoting at Rs 17.70, up Rs 1.55, or 9.60%.

The company has sold 31.6%, of its 38.3% stake in Manali Petrochemical to promoters. The company is also planning to sell its non-core assets along with the remaining stake in Manali Petro to repay debts.

It was trading with volumes of 458,167 shares. In the previous trading session, the share closed up 2.87% or Rs 0.45 at Rs 16.15.