Astral Poly Technik to acquire 51 per cent stake in Rex Polyextrusion

Astral Poly Technik plans to acquire 51 per cent of the equity share capital of Rex Polyextrusion and amalgamate the company with itself.

Under the proposed scheme of amalgamation, Astral Poly Technik will issue the equity shares of the company in exchange of the remaining 49 per cent equity shares of Rex Polyextrusion Private Limited.

The cost of acquisition for 51 per cent stake is approx. Rs. 75,22,50,000. While the share exchange ratio for the merger is for 15,453 equity shares of Astral of face value Re. 1 per share for 10 equity shares of Rex of face value Rs. 1,000 per share.

Rex Polyextrusion is engaged in the manufacture and supply of corrugated and plastic piping solutions. The company with help Astral expand its product portfolio.

Following the development, at 12:26 hours, the stock of Astral Poly Technik was at Rs. 1,030.05 per share, up by 30.00 or 3.00 per cent on Tuesday. While the benchmark index was at BSE Sensex was at 36,184.02, up by 249.30 points or 0.69 per cent.