Do you own this stock that has recently announced its demerger?
Shares of the company jumped after announcing a demerger and were up by 2.31 per cent during today's trading session.
On December 16, 2022, the scrip opened at Rs 817.10 and touched its high of the day at Rs 861.00 after a shoot-up in price by 2.31 per cent. The 52-week high of the scrip is Rs 1,061.70 whereas the 52-week low is Rs 355.85.
Deepak Fertilisers and Petrochemicals Corporation (DFPCL) intends to separate its mining chemicals and fertiliser operations. In a meeting on December 15, 2022, the board of Smartchem Technologies (STL), a wholly-owned subsidiary of DFPCL, approved a corporate restructuring plan that will help unlock the growth potential of each of the businesses.
It authorised the sale of STL's TAN business (mining chemicals) to Deepak Mining Services Private Limited (DMSPL), a wholly owned subsidiary of DFPCL, as well as the merger of Mahadhan Farm Technologies (MFTPL), a wholly owned subsidiary of STL, with STL. Over the past few years, DFPCL has improved its operational performance, generated cash flows, and strengthened the balance sheet while focusing on increasing investments in greenfield expansions. The proposed corporate restructuring will significantly aid in the creation of strong independent business platforms within the larger organisation.
Deepak Fertilisers and Petrochemicals Corporation Ltd. (DFPCL) is among India’s leading manufacturers of industrial chemicals and fertilisers. With a strong presence in Technical Ammonium Nitrate (TAN), Industrial Chemicals (IC) and Crop Nutrition business (CNB), the Company supports critical sectors of the economy such as infrastructure, mining, chemicals, pharmaceutical and agriculture.
Presently, the promoter holding is stood at 45.46 per cent and the institutional and non-institutional holdings are 22.84 per cent and 31.70 per cent, respectively. The market cap of the company is Rs 10,479.63 crore.
At the time of writing, the shares were trading at Rs 830.15 per share.