The stock rose 5 per cent to Rs 117.80 after the Board of Directors approved the draft scheme of arrangements to be filed with the High Court of Madras. The stock has appreciated 47 per cent in the last eight trading sessions from Rs 79.90 on November 26.
According to the scheme of arrangement, the properties undertaking will be demerged to SV Global Mill and services undertaking will be demerged to Binny Mills. Post demerger, both SV Global Mill and Binny Mills shall seek listing on stock exchanges.
