kamdhenu share price: Kamdhenu rallies 12% as NCLT approves demerger of paint business

New Delhi: Shares of zoomed as much as 12 for each cent in early trade on Monday after the firm’s demerger scheme was authorized by the Chandigarh bench of the National Company Law Tribunal (NCLT).

According to the regulatory submitting by the business, as quite a few as 7 transferor businesses would be amalgamated into a solitary transferee organization, Kamdhenu and the paint business enterprise would be demerged.

Kamdhenu Colour and Coatings Constrained will be mentioned individually as the next resulting firm, the setting up material maker’s regulatory filing included.

Following the update, shares of Kamdhenu rose about 12 per cent to Rs 205.55 on Monday, prior to trading at Rs 198.50 at 10.10 am. The scrip had settled at Rs 183.75 on Friday.

The seven transferor companies incorporated Kamdhenu

, Kamdhenu Abroad, Kamdhenu Paint Industries, Kamdhenu Infradevelopers, Kamdhenu Vitamins, Kay2 Steel and Tiptop Promoters.

Subsequent to this, the authorized shares money of the transferee company will be amplified or reorganized. The appointed date for the plan of arrangement is April 1, 2022.

In the March 2022 quarter, the business had reported a 37 for each cent jump in its consolidated net earnings at Rs 5.4 crore, boosted by increased income. The enterprise had clocked Rs 3.94 crore internet revenue in the similar period a yr in the past.

Kamdhenu’s whole money improved 13.5 per cent to Rs 252.66 crore in the fourth quarter of the yr finished March 31, 2022, from Rs 222.43 crore in the fourth quarter of FY21.

The firm had announced to demerge its paint small business in November 2021. According to the company’s top rated management, the firm will be generating an investment of Rs 200 crore for expanding the paint company.