SRF Polymers to sell businesses to SRF for Rs151.60 crore
15 Dec 2008
SRF Polymers Ltd will sell its engineering plastics and industrial yarn businesses to SRF Ltd for a consideration of Rs151.60 crore, subject to due diligence.
The proposal was approved by the board of directors of the company at its meeting held on 12 December, the company said in a filing with the Bombay Stock Exchange (BSE).
The effective date for the transfer will be 1 January 2009, the note said.
SRF pioneered into a relatively unknown area, of nylon engineering plastics in 1979. Its engineering plastics business manufactures and markets TUFNYL range of Nylon 6 and Nylon 66 engineering plastic compounds and used as the raw material for various applications in automobiles, white goods, electrical, textile machinery, and electronics sectors.
SRF's engineering plastics business has been certified with QS9000 and ISO 14001 certifications.
The SRF Polymers stock was trading at Rs101.25, up Rs0.30 on the Bombay Stock Exchange. The stock hit an intraday high of Rs104.95 and low of Rs101.25.
The SRF stock was trading at Rs76.50, up Rs2.15 or 2.89 per cent. The stock hit an intraday high of Rs76.50 and low of Rs74.15.