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Hercules Hoists share price hit a new high of Rs 710 on the BSE today, surging 12 per cent in Thursday's intraday trade, ahead of the demerger record date on Friday, October 11, 2024.
The company has fixed October 11, 2024 as the Record Date for the purpose of determining the eligible shareholders of Hercules Hoists to whom the securities of Indef Manufacturing Limited would be allotted in terms of the Scheme.
According to an exchange filing, each equity shareholder of Hercules Hoists, as on the record date, will be issued and allotted one fully paid-up equity share of Re 1 each of Indef Manufacturing for every one fully paid-up equity share of Re 1 each of Hercules Hoists.
Meanwhile, thus far in the calendar year 2024, Hercules Hoists share price has more-than-doubled or zoomed 103 per cent as compared to a 13-per cent rise in the BSE Sensex. In 18 months, the stock has skyrocketed 260 per cent from a level of Rs 198 hit on the BSE. At 02:49 PM, Hercules Hoists shares were trading 9 per cent higher at Rs 691.70, as against 0.23 per cent rise in the BSE Sensex.
The scheme of arrangement between Hercules Hoists and Indef Manufacturing was approved by the board of directors of the company on September 23, 2022. The scheme envisages transfer of manufacturing business of Hercules Hoists to its wholly owned subsidiary (WOS), namely Indef Manufacturing, by way of a demerger in order to segregate the manufacturing business from investment business of Hercules Hoists.
On rationale behind scheme, Hercules Hoists said the demerger will result into splitting of manufacturing business and investment business of the demerged company with a view to unlocking value, enhance the scope of work of both, the demerged company and the resulting company, and further to draw new investors, JV, bringing technology partner, merger and acquisition for exploring other growth potential in it.
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