Soril Infra hits upper circuit

The Board of Directors of Soril Infra Resources Limited approved the composite scheme of arrangement amongst the company, its holding company Indiabulls Integrated Services Limited (IBULISL) and their subsidiaries and Indiabulls Pharmaceuticals Limited (Scheme). 

The scheme provides for the merger of Soril Infra, its subsidiary and certain other subsidiaries of IBULISL into IBULISL, in consideration thereof IBULISL will issue its equity shares to the public shareholders of Soril Infra in the swap ratio of one equity share of IBULISL for every equity share held in Soril Infra.
The demerger of non-insurance businesses of the merged IBULISL into Indiabulls Enterprises Ltd (IEL), the equity shares of which will be listed on NSE & BSE, in consideration thereof IEL will issue its equity shares to all the equity shareholders of the merged IBULISL, in the swap ratio of one equity share of IEL for every equity share held in the merged IBULISL.
The demerger of on-going pharmaceutical business undertaking of Indiabulls Pharmaceuticals Limited (IB Pharma) into Indiabulls Pharmacare Limited, wholly-owned subsidiary of IEL, in consideration thereof IEL will issue its equity shares to all the shareholders of IB Pharma in the swap ratio of 1.56 equity shares of IEL for every equity share held in IB Pharma.

Also, on Tuesday, the company posted its result for the quarter ending December 2018. Revenue was up by 6.1 per cent YoY to Rs 40.02 crore. EBITDA dipped from Rs 9.21 crore to Rs 2.30 crore with EBITDA margin declining from 23 per cent to 6.1 per cent. Net profit for the quarter was down by 80.1 per cent to Rs 1.46 crore from Rs 7.3 crore.

On Wednesday, despite the disappointing Q3 results, the stock of Soril Infra opened gap up and hit upper circuit of 5 per cent at Rs 299.55 from its previous close of 285.30 on BSE. The gain was led by the composite scheme of arrangement.