Moneycontrol
HomeNewsBusinessMarketsRossell India stock zooms 10% as aerospace, defense biz demerger takes effect
Trending Topics

Rossell India stock zooms 10% as aerospace, defense biz demerger takes effect

The existing shareholders of the Rossell Techsys would hold the shares of two listed entities after the scheme became effective; giving them flexibility in managing their investments in the two businesses having differential dynamics.

September 02, 2024 / 10:10 IST
Story continues below Advertisement
Rossell India’s stock surged 10 percent as the aerospace and defense demerger officially took effect.

Shares of Rossell India surged more than 10 percent on September 2 following the effective demerger of its aerospace and defence businesses.

This comes after Rossell India and Rossell Techsys Ltd filed important documents with the Registrar of Companies, officially putting their Scheme of Amalgamation into effect. The news boosted investor confidence and drove up the share price.

Story continues below Advertisement

At 9:55 am, Rossell India shares were trading over 9 percent higher at Rs 619.45 on the National Stock Exchange (NSE)

In April, the National Company Law Tribunal (NCLT), Kolkata bench approved the scheme of arrangement between Rossell India (RIL) and Rossell Techsys (RTL).