 "Geometric hits record high after Bombay High Court order")
Geometric has moved higher to its record high of Rs 254, up 6% on the National Stock Exchange (NSE) in intra-day trade after the company said the Bombay High Court has sanctioned the scheme of arrangement and amalgamation amongst Geometric, HCL Technologies, 3DPLM Software Solutions and their respective shareholders and creditors.
The board of Geometric on April 1, 2016 had approved the demerger of the IT enabled engineering services, PLM services and engineering design productivity software tools of the company including its direct and indirect overseas subsidiaries but excluding the shares held by the company in 3DL and vesting of the same in HCL Technologies, as a going concern.
Geometric shareholders will receive 10 shares in HCL Technologies for every 43 shares of Geometric as part of the stock-swap.
The consolidation will widen the markets and expertise and the combined entity will be able to offer its customers a unique blend of services and solutions around PLM, engineering software, embedded software, mechanical engineering and geometry related technologies, the company said.
At 01:53 pm; the stock was up 5% at Rs 252 on the NSE against 0.14% decline in the Nifty50 index. A combined 612,566 shares changed hands on the NSE and BSE as compared to sub 100,000 shares that were traded daily in past two weeks on both the exchanges.
HCL Technologies was up 3% at Rs 823 on the NSE.
The board of Geometric on April 1, 2016 had approved the demerger of the IT enabled engineering services, PLM services and engineering design productivity software tools of the company including its direct and indirect overseas subsidiaries but excluding the shares held by the company in 3DL and vesting of the same in HCL Technologies, as a going concern.
Geometric shareholders will receive 10 shares in HCL Technologies for every 43 shares of Geometric as part of the stock-swap.
The consolidation will widen the markets and expertise and the combined entity will be able to offer its customers a unique blend of services and solutions around PLM, engineering software, embedded software, mechanical engineering and geometry related technologies, the company said.
At 01:53 pm; the stock was up 5% at Rs 252 on the NSE against 0.14% decline in the Nifty50 index. A combined 612,566 shares changed hands on the NSE and BSE as compared to sub 100,000 shares that were traded daily in past two weeks on both the exchanges.
HCL Technologies was up 3% at Rs 823 on the NSE.