Shares of Shree Precoated Steels, the demerged entity of Ajmera Realty & Infra, plunged to a low of Rs 12.75 after getting listed at Rs 50 on the Bombay Stock Exchange.
Similar movement was witnessed on the National Stock Exchange as well, where the scrip of the company opened at Rs 44.10, but fell to a low of Rs 12.95, largely in tandem with the broader market, which after opening in the positive territory slipped into the red.
The company, which listed 8.28 crore shares, saw huge volume being traded on the bourses as over 60.89 lakh shares exchanged hands on BSE and over 33.60 lakh shares got traded on NSE.
As per a scheme of arrangement, approved by the Bombay High Court, the steel division of Ajmera Realty & Infra India (ARIIL, formerly known as Shree Precoated Steels) was demerged into Shree Precoated Steels Ltd earlier known as Ajmera Precoated Steels.
In consideration to the said arrangement, SPSL issued and allotted seven equity shares for every ten shares of the same value held in ARIIL.
Post the said arrangement, the issued, subscribed and paid-up equity capital of Shree Precoated Steels stood at Rs 82.80 crore.
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