Sintex Plastics divests entire stake in subsidiary

Sintex Plastics Technology Limited on Thursday informed the divestment of entire equity holding in indirect wholly owned subsidiary, Sintex NP SAS.

The company also informed that one of the lenders to Sintex BAPL Limited has filled a commercial suit against Sintex Plastics, Sintex BAPL and Sintex holding B.V. before the commercial small cause court at Ahmedabad and obtained an ex-parte injunction on dealing with, disposing or creating any third party rights or encumbrances or parting with the possession of or from alienating the shares of Sintex NPSAS, or any part thereof. The company is taking all possible measures for vacating the stay granted by the commercial court in the interest of the transaction and undertaking all such actions to defend its position.

Sintex Plastic Technology Limited delivers feasible and environment friendly solutions embracing wide variety from water storage solutions, interior, energy solutions, electricity and SMC products, construction with prefabricated solutions and meeting the industrial requirements with plastic storage and material handling products.

On Thursday, the stock of Sintex Plastic Technology Limited opened at Rs. 2.66 per share and made an intraday high and low of Rs. 2.66 and Rs. 2.66, respectively on the BSE. The stock closed at Rs. 2.66, down by 5.00 per cent.