Sintex Plastics locked at upper circuit after selling entire stake in subsidiary

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.