 "Torrent Power, Torrent Cables hit 52-week high")
Shares of Torrent Power and Torrent Cables have rallied by up to 15% and touched their respective 52-week highs in intra-trade on BSE.
Torrent Cables has soared 17% to Rs 158 on BSE on back of over three-fold jump in trading volumes. The stock opened at Rs 138 and has seen 20,000 shares changed hands till 1232 hours.
Torrent Power surged 10% to Rs 176 on BSE. The stock opened at Rs 163 and touched a 52-week high of Rs 179 so far. A combined 3.08 million shares have already changed hands on the counter against an average sub one million shares changed hands in past two weeks on BSE and NSE.
In May this year, Torrent Power Board had approved an amalgamation of Torrent Energy (TEL), a wholly owned subsidiary of the company and Torrent Cables (TCL) with itself.
Every equity shareholder holding 20 fully paid shares of Rs 10 each of Torrent Cables, shall be entitled to receive 19 fully paid up equity shares of Rs 10 each of Torrent Power.
Since TEL is a wholly owned subsidiary of the Company, the investment of the Company in TEL shall stand cancelled and no shares to that extent shall be issued by TPL.
The scheme is conditional upon regulatory approvals including that of Gujarat Electricity Regulatory Commission, Central Electricity Regulatory Commission, SEBI, Stock Exchanges, and Hon'ble High Court of Gujarat / National Company Law Tribunal.
Torrent Cables has soared 17% to Rs 158 on BSE on back of over three-fold jump in trading volumes. The stock opened at Rs 138 and has seen 20,000 shares changed hands till 1232 hours.
Torrent Power surged 10% to Rs 176 on BSE. The stock opened at Rs 163 and touched a 52-week high of Rs 179 so far. A combined 3.08 million shares have already changed hands on the counter against an average sub one million shares changed hands in past two weeks on BSE and NSE.
In May this year, Torrent Power Board had approved an amalgamation of Torrent Energy (TEL), a wholly owned subsidiary of the company and Torrent Cables (TCL) with itself.
Every equity shareholder holding 20 fully paid shares of Rs 10 each of Torrent Cables, shall be entitled to receive 19 fully paid up equity shares of Rs 10 each of Torrent Power.
Since TEL is a wholly owned subsidiary of the Company, the investment of the Company in TEL shall stand cancelled and no shares to that extent shall be issued by TPL.
The scheme is conditional upon regulatory approvals including that of Gujarat Electricity Regulatory Commission, Central Electricity Regulatory Commission, SEBI, Stock Exchanges, and Hon'ble High Court of Gujarat / National Company Law Tribunal.