The Ahmedabad bench of NCLT has pronounced the order, approving the resolution plan of Sintex-BAPL Limited, Sintex Plastics Technology Ltd (SPTL) informed the bourses.
With this demerger plan, Sintex intends to streamline various businesses developed by the Group.
Post demerger, Sintex Industries will predominantly carry the textile and spinning business, Samir Joshipura, Group CEO of Sintex told CNBC-TV18.
Plastic products manufacturer Sintex Industries shares gained nearly 8 percent intraday Friday on board approval for demerger of custom moulding and prefab segments.