Equity Alert: Welspun India weak; to de-merge 2 units
MUMBAI--11:51AM--Welspun India shares were down after rising
nearly 3% to
40 rupees on news it will de-merge its distribution and marketing unit
and
its investment unit into two separate companies, dealers said.
The share was at 38.8 rupees, down 0.6% from Monday.
"The demerger is a welcome move as it will unlock value for
shareholders.
The counter will remain in positive because of the news, but it is
very
illiquid. It has resistance at 40.00-41.90 rupees, and support at
39.20-38.30
rupees," said a dealer.
So far, only 5,453 shares of the company have been traded on NSE.
Distribution and marketing company Welspun Global Brands will hold
all
overseas businesses and Welspun Retail. The investment company will be
named
Welspun Investments.
Welspun India shareholders will get 10 Welspun Global shares and
five
Welspun Investments shares for every 100 held.
Both companies will be listed on NSE and BSE post de-merger,
slated to be
completed by Apr 2009, the company said.
------------------------------------------------------------------------------
--~--~---------~--~----~------------~-------~--~----~
You received this message because you are subscribed to the Google Groups
"Kences1" group.
To post to this group, send email to [email protected]
To unsubscribe from this group, send email to [EMAIL PROTECTED]
For more options, visit this group at
http://groups.google.com/group/kences1?hl=en
-~----------~----~----~----~------~----~------~--~---
