Engineering unit was named as KPIT Engineering Limited that later changed to KPIT Technologies
Shares of KPIT Technologies (earlier known as KPIT Engineering Limited) closed its first day of trade at Rs 103.95, which was also an intraday high, on the National Stock Exchange after listing on April 22.
The stock closed 5 percent higher over its opening price of Rs 99.
On the BSE, it closed at its intraday high of Rs 105, up 5 percent over its opening price of Rs 100 per share.
The company was a result of a composite scheme of arrangement among Birlasoft (India) Limited and KPIT Technologies Limited and their respective shareholders as approved by the National Company Law Tribunal in December 2018.
As per the deal, Birlasoft merged with KPIT Technologies and the combined entity divided into two units - digital IT services company and engineering & mobility solutions firm.
Engineering unit was named as KPIT Engineering Limited that later changed to KPIT Technologies.As a part of demerger, KPIT Engineering issued its equity shares to shareholders of KPIT Technologies in the ratio of 1:1. The appointed date for the demerger was January 1 and the effective date of the scheme was January 15.