Polyplex Corporation gains on raising stake in overseas arm

Polyplex Corporation stake in its Thailand subsidiary has increased to 54.08%

Shares of Polyplex Corporation were up over 2% at Rs 280 on the Bombay Stock Exchange after the company said that it has increased its stake in Thailand-based subsidiary Polyplex (Thailand) Public Company Ltd.

The company in a release said that following the allotment of shares by Polyplex (Thailand) Public Company Ltd, Thailand (Polyplex Thailand), a company listed on the stock exchanged of Thailand to the company and its wholly owned subsidiary viz. Polyplex (Asia) Pte. Limited, Singapore, pursuant to the rights offering of ordinary shares.

The rights offering of shares has been made by Polyplex Thailand, at a price of Baht 6.40 per share of the face value of Baht 1.00 each.

The effective stake of Poylplex Corporation in Polyplex Thailand has increased to 54.08% from 51% earlier, the release added.

The stock opened at Rs 277 and touched a high of Rs 282. At 1:40pm, over 22,000 shares were traded on both the stock exchanges.