Areva T&D, a leading player in the Power Transmission & Distribution business, nose-dived on bourses, hitting the 52-weeks low, ahead of the record date of December 15, 2011 for determining shareholders of the company who would be entitled to receive on a proportionate basis, for every 1 (one) fully paid-up equity share of Rs. 2/- (Rupees two) each held in Areva T&D India Ltd, the Transferor Company, 1(one) fully paid-up equity shares of Rs. 2/- (Rupees two) each of Smartgrid Automation Distribution and Switchgear Limited, the Transferee Company.
According to a announcement by company on December 5, 2011, company had received NOC from exchanges for demerger of the distribution undertaking , between the company and Smartgrid Automation Distribution and Switchgear Limited.
At 10:54 AM, shares of the company were trading at Rs 157.50 down 20.11 per cent from previous close on BSE.
On December 12, 2011, company also announced that three of its directors had tendered their resignations as a part of demerger plans, which has been accepted by the board.