The company sold 100 percent equity stake in its indirect wholly owned subsidiary, Sintex NP SAS to XTECH Invest.
Shares of Sintex Plastics Technology were locked at 5 percent upper circuit intraday on August 13 after the company divested the entire holding in its wholly-owned subsidiary.
There were pending buy orders of 181,494 shares, with no sellers available.
The company sold 100 percent equity stake in its indirect wholly-owned subsidiary, Sintex NP SAS to XTECH Invest.
“This divestment is part of our overall strategy to reduce debt at a consolidated level and to ensure that the domestic business gets adequately funded," said Amit Patel, Managing Director of Sintex Plastics.At 1344 hrs, Sintex Plastics Technology was quoting Rs 4.13, up Rs 0.19 on the BSE.Subscribe to Moneycontrol Pro and gain access to curated markets data, trading recommendations, equity analysis, investment ideas, insights from market gurus and much more. Get Moneycontrol PRO for 1 year at price of 3 months at 289. Use code FREEDOM.