Manaksia Limited has surged over 13% to Rs 57 after the company said its board approved the restructuring plans of the company.
“The company’s aluminium, steel, packaging and coated metal and mosquito coil undertakings will be demerged on a going concern basis with effect from April 1, 2013 into its wholly owned subsidiary companies,” Manaksia said in a statement.
The transferee companies will issue one equity share of face value of Re 1 each to the shareholders of Manaksia for every share of the face value of Rs 2 each held by them on the record date, to be decided and fixed at a later date, it added.
The shares of transferee companies are proposed to be listed on all the stock exchanges at which the shares of Manaksia are presently listed.
The stock has rallied 28% in past one week after the company announced that its board will meet on December 27, to consider the restructuring plans of the company.
Today, the stock opened at Rs 51.80 and hit a high of Rs 57.40 on the NSE. As many as a combined 1.14 million shares have already changed hands on the counter so far against an average around 100,000 shares that were traded daily in past two weeks.
