Uflex closes in green on divesting stake in Utech Developers

Uflex has completed the sale of its 82 per cent stake in Utech Developers on October 3, 2019. Post the news the shares gained over 1 per cent but lost steam at closing hours although in green.

Consequently, Utech Developers has ceased to be subsidiary of the company. Further, SD Buildwell, being wholly owned subsidiary of Utech Developers has also ceased to be the step down subsidiary of the Company.

Uflex is India’s largest multinational flexible packaging materials and Solution Company and an emerging global player. Since its inception back in 1985, Uflex has grown from strength to strength to evolve as a truly Indian Multinational with consumers spread across the world.

The shares of Uflex on Friday opened at Rs. 215.30 as against Thursday’s close of Rs 210.35. At closing hours it was trading at Rs. 211.40, up 0.50 per cent from its previous close. The stock hit an intraday high of Rs. 215 and intraday low was Rs. 209.30. Its 52-week high was Rs. 320 and 52-week low was Rs. 181 per share on the BSE.