Sintex Plastic makes its debut

There is a new listing on the bourses today. Sintex Plastic Technology.  It is admitted to dealings on the exchange in the list of T Group of Securities. The stock got listed at Rs.130 which was very much in tune with expectations.

This is the demerged entity from Sintex Industries and it makes prefabricated structures, custom moulding and storage tanks. It is actually the mulch cow – it contributed 88% to the Q1FY18 total revenue.

Sintex Industries, which was amongst the top gainers on the BSE yesterday, will continue to hold the textile business. In the demerger scheme, shareholders of Sintex Industries were allotted shares of Sintex Plastic in 1:1 ratio – for every share held in Sintex Inds, one share of Sintex Plastics was given, creating value for its shareholders.