Jindal Poly Films gain after board approves expansion plans

Uttar Pradesh-based polyester and Biaxially Oriented Polypropylene (BOPP) film maker, Jindal Poly Films Ltd informed on Thursday after market hours about the listing of its demerged entity and approval for expansion.

The company in its press release stated that it has received its board’s approval for the expansion plans by way of investment of Rs 700 crore in Polyester Film Line-1 and BOPP Film Line-9. Currently, the company has installed a capacity of 2,51,000 TPA, which offers 7 to 70 microns of films in heat sealable and non-heat sealable segments. The board of directors of the company in its meeting held on February 13, 2020 has considered and approved the same.

The company also published with listing date of Universus Photo Imaging (formerly known as Jindal Photo Imaging Limited) after the recent demerger from Jindal Poly Films. The shares of the resulting company started trading on BSE and NSE. As per the scheme of arrangement, for every four shares of Jindal Poly Films, one equity share of Universus Photo Imaging was allotted.

The share of Jindal Poly Film traded at Rs 274.50 per share on BSE, after initial gains of nearly eight per cent in the opening trade. Universus Photo Imaging locked in the upper circuit of five per cent at Rs 61.70 on BSE.