KPIT Tech shares jump over 5 pc on restructuring plan

Shares of KPIT Technologies rose by over 5 per cent a day after the IT company announced a restructuring plan.
The stock gained 4.80 per cent to end at Rs 200 on BSE. During the day, it surged 6.71 per cent to Rs 223.30 -- its 52-week high level.
On NSE, shares of the company rose by 5.25 per cent to close at Rs 219.35.
In terms of equity volume, 25.41 lakh shares of the company were traded on BSE and over 1 crore shares changed hands on NSE during the day.
KPIT Technologies yesterday said its board has approved plan to amalgamate Birlasoft with itself, while engineering business of the company will be demerged.

"The Board has approved a draft composite scheme for amalgamation of Birlasoft (India) Ltd with the company and demerger of the engineering business of the company into KPIT Engineering Ltd, a wholly owned subsidiary of the company," it said in a regulatory filing.
KPIT Technologies provides IT consulting and product engineering solutions to areas like automotive and transportation, consumer and industrial goods.