Flex surges on group firms' merger nod

DALAL STREET SPIKES

Flex Industries surged after the Delhi High Court cleared the merger of two other group companies.

The scrip witnessed heavy volumes of 75,000 shares and jumped 13.8 per cent to close at Rs 68.9. Now its group companies "� Flex Engineering and FCL Technologies "� will be merged into Flex Industries. This will facilitate the accumulation of resources under a single company to provide end-to-end solutions in the packaging industry.

The company will issue around 1.06 crore equity shares to the shareholders of Flex Engineering on a swap ratio of 2:3 and about 17.73 lakh equity shares to FCL Technologies' shareholders as per 1:3 swap ratio.

Flex Industries makes polyester films, BOPP films, polyfilms and laminates. While Flex Engineering manufactures packaging, printing and allied machines & structure, FCL produces polycondensation chips.