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Last Updated : May 14, 2018 02:09 PM IST | Source: Moneycontrol.com

Orient Electric lists at Rs 135 post demerger with Orient Paper

The listing follows the demerger of the company from Orient Paper & Industries Limited last year.

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Shares of Orient Electric were listed at Rs 135 on the NSE on Monday, following its demerger with Orient Paper.

At the listing price, it went on to Rs 142-levels and then settled around its listing levels.

The listing follows the demerger of the company from Orient Paper & Industries Limited last year.

As per the scheme of arrangement between Orient Paper & Industries Limited and Orient Electric Limited and their respective shareholders and creditors, the Consumer Electric Business of Orient Paper & Industries Ltd was transferred to Orient Electric.

Orient Electric Limited issued to the shareholders of Orient Paper & Industries Limited, one equity share of Re. 1/- each of Orient Electric Limited for every share of Re 1/- each held in Orient Paper & Industries Limited, as on the record date of 12th January 2018.

The issued, subscribed and paid-up equity capital of the company post arrangement is Rs. 21.22 crore, the company said in a statement.

“The vertical demerger of Consumer Electrical business of Orient Paper & Industries Ltd into an independent listed entity is part of a well thought out strategy to unlock true potential of this business, thus enhancing shareholder’s value. It will allow both Orient Paper Industries and Orient Electric to focus on their core competencies and to pursue their independent strategies,” Rakesh Khanna, MD & CEO, Orient Electric said in a statement.
First Published on May 14, 2018 02:09 pm
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