The year 2021 has been a year of remarkable gains both on the indices and individual stocks. Likewise, here we will tell you about a scrip which just a year ago traded at a price of Rs. 4.7 per share and as on January 4, 2022-just a year later has been trading at 18.45. This stock in trade though hit day's high price of Rs. 20.35 per share and now is locked in 5 percent lower circuit.
52 week low/high
Why such gains on Sintex industries- penny share scrip?
The company is a bankrupt company evincing interest from Reliance Industries, Assets Care and Reconstruction Enterprise. These two companies as per the Halol based company have submitted the resolution process. The other companies' that have expressed interest in the entity include Easygo Textiles Private Limited (Welspun Group), GHCL Limited and Himatsingka Ventures Private Limited, and Shrikant Himatsingka and Dinesh Kumar Himatsingka.
Shareholding- The company has majorly public shareholding with just 4.54% stake of promoters.
Sintex Industries-Resolution plan
The company in an exchange filing said, "Resolution plans received shall be evaluated by the Interim Resolution Professional (IRP) and then shall be placed before the Committee of Creditors (CoC) for its further consideration," Sintex Industries informed the stock exchange.
Claim so far on the diversified company
The Insolvency Resolution Professional has admitted in claim an amount to the tune of Rs. 7534.6 crore from as many as 27 financial creditors such as HDFC Bank, SBI, PNB etc. The company was admitted to insolvency process after Invesco Asset made an appeal to recover ₹15.4 crore as principal and interest of non-convertible bonds.
About the company:
The company established in the year 1931 has been demerged into two companies' and is primarily into textile and yarns business.