Man Industries (India) rose 2.37% to Rs 71.25 at 10:08 IST on BSE after five lakh shares, or 0.84% equity, changed hands in two separate block deals on the BSE.
Meanwhile, the BSE Sensex was up 3.77 points, or 0.02%, to 19,746.24.
On BSE, 5.47 lakh shares were traded in the counter compared with average volume of 24,578 shares in the past one quarter.
The stock hit a high of Rs 74 and a low of Rs 67.55 so far during the day. The stock hit a record high of Rs 238.35 on 1 October 2012. The stock hit a 52-week low of Rs 57 on 28 August 2013.
The stock had underperformed the market over the past one month till 16 September 2013, sliding 10.77% compared with the Sensex's 6.15% rise. The scrip had also underperformed the market in past one quarter, falling 21.89% as against Sensex's 2.94% rise.
The small-cap company has an equity capital of Rs 29.88 crore. Face value per share is Rs 5.
Two separate block deals were struck on the Man Industries (India) counter on BSE. First block deal of 2.5 lakh shares was executed at Rs 74 at 9:44 IST. Another block deal of 2.5 lakh shares was executed on BSE at Rs 73.90 at 9:44 IST.
Man Industries (India)'s board at a meeting held on 15 September 2013, approved a scheme of arrangement involving its saw pipes business & real estate and infrastructure business. The announcement was made on Sunday, 15 September 2013.
The board observed that the Pipe business and Real Estate Construction/Development business have tremendous growth and profitability potential and therefore both the business activities require focused leadership and management attention. The nature of risk and competition involved in the demerged business is distinct from pipe business. In a scheme of arrangement, shareholders of Man Industries will be entitled to free issue of for every one fully paid-up equity share of Rs 5 each held by the equity shareholders in Man Industries, one fully paid-up equity share of Rs 5 each of Man Infraprojects will be given, which will be a listed entity.
Man Industries (India) said it is confident that the demerger will enhance value of its shareholders, and provide fresh momentum for growth in the both the business verticals. The proposed demerger will allow the Group to improve performance significantly by capitalizing the opportunities, the company said in a statement.
Man Industries (India)'s consolidated net profit fell 91.4% to Rs 1.69 crore on 58.4% decline in net sales to Rs 143.18 crore in Q1 June 2013 over Q1 June 2012.
Man Industries (India) is the flagship company of Man Group. The main business line of Man Industries includes manufacturing & coating of large diameter carbon steel pipes and real estate.
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