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Forbes Gokak has tumbled nearly 16% in intraday trade as it goes ex-demerger today. The stock closed at Rs 462.20, down 8.32% over its previous close of Rs 507.40.
It has de-merged its textiles division named as Gokak Textiles, which is unlisted. In this arrangement, shareholders will get 1 share of Gokak Textiles for every 2 held in the erstwhile Forbes Gokak. Shares will be allotted on September 28, 2007 and Gokak Textiles, a new demerged entity to be listed in 1-2 months. Forbes Gokak is into diversified areas such as business automation, contract manufacturing, engineering and logistics services. Its textiles division had sales of Rs 350 crore and PBIT of Rs 7 crore in FY07, which constituted 50% of revenues and 30% of PBIT. The company has transferred Rs 116 crore as capital from its treasury to the textile division, which is in the midst of a modernization process. 80% of the work has completed. Textile division has capacity of 1.3 lakh spindles, which is working at close to full capacity.
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