Sundaram-Clayton trades ex-date for scheme of arrangement; stock slumps 19%

The board at its meeting held on February 9, 2022 has approved the Composite Scheme of Arrangement of the company for issue of bonus NCRPS and demerger of manufacturing undertaking.

Shares of Sundaram-Clayton (SCL) tanked 19 per cent to Rs 3,884.60 on the BSE in Friday’s intra-day trade as the stock turned ex-date for scheme of arrangement.

The company had fixed March 24, 2023 as the record date for the purpose of determining the entitlement of shareholders of the company, who will be entitled to receive bonus non-convertible reedemable preference shares (NCRPS) in the ratio of 116 fully paid up NCRPS having face value of Rs 10 each of the company for every 1 equity share of Rs 5 each fully paid up held by such equity shareholder.