Friday , September 24 2021

DCM Shriram trades in green on getting nod to acquire balance 50% stake in Shriram Axiall

DCM Shriram is currently trading at Rs. 973.10, up by 6.90 points or 0.71% from its previous closing of Rs. 966.20 on the BSE.

DCM Shriram

The scrip opened at Rs. 975.00 and has touched a high and low of Rs. 997.15 and Rs. 970.35 respectively. So far 10238 shares were traded on the counter.

The BSE group ‘A’ stock of face value Rs. 2 has touched a 52 week high of Rs. 1199.00 on 19-Jul-2021 and a 52 week low of Rs. 315.00 on 06-Nov-2020.

Last one week high and low of the scrip stood at Rs. 997.15 and Rs. 911.15 respectively. The current market cap of the company is Rs. 15222.31 crore.

The promoters holding in the company stood at 66.53%, while Institutions and Non-Institutions held 12.21% and 21.25% respectively.

DCM Shriram’s board has approved the proposal to acquire/buy 17,32,500 equity shares of Rs 10 each of Shriram Axiall (SAPL), a 50:50 JV between the Company and Axiall LLC, (USA), from Axiall LLC, being entire 50% of the paid-up share capital held by Axiall LLC in SAPL.

As per JV agreement, Axiall LLC has given the option, either to buy their shares in SAPL or to sell the Company’s shares in SAPL to Axiall LLC. The Board of Directors of the Company considered the above options and the proposal to acquire / buy entire 50% shareholding held by Axiall LLC in SAPL, has been approved by the Board. Post this acquisition, SAPL will become wholly owned subsidiary of the Company.

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