MUMBAI:
India’s leading consumer electrical player, Orient Electric Limited, today got listed at Rs. 135.25 on the Bombay Stock Exchange (BSE) & National Stock Exchange (NSE) and hit the upper circuit limit of 5% to Rs 142. The listing follows the demerger of the company from Orient Paper & Industries Limited last year.
With the stroke of the ceremonial bell at BSE, the equity shares of Orient Electric Limited started trading on BSE and NSE.
As per the Scheme of Arrangement between Orient Paper & Industries Limited and Orient Electric Limited and their respective shareholders and creditors, the Consumer Electric Business of Orient Paper & Industries Ltd has been transferred to and vested in Orient Electric Ltd. In consideration thereof, Orient Electric Limited has issued to the shareholders of Orient Paper & Industries Limited, 1 (One) equity share of Re. 1/- each of Orient Electric Limited for every 1 (One) equity Share of Re 1/- each held in Orient Paper & Industries Limited, as on the record date of 12th January 2018.
The issued, subscribed and paid-up equity capital of the company post arrangement is Rs. 21.22 crore.
Commenting on the listing of Orient Electric, Rakesh Khanna, MD & CEO, Orient Electric Limited said “The vertical demerger of Consumer Electrical business of Orient Paper & Industries Ltd into an independent listed entity is part of a well thought out strategy to unlock true potential of this business, thus enhancing shareholder’s value. It will allow both Orient Paper Industries Ltd and Orient Electric Ltd to focus on their core competencies and to pursue their independent strategies.”
Khanna further added, “The move will allow both the companies access to varied sources of funds for rapid growth of their respective businesses. From being the oldest and the largest manufacturer & exporter of fans from India, Orient Electric today has established itself as a diversified electrical company with a wide portfolio including lighting, home appliances and switchgears. The listing now opens new doors of opportunities for Orient Electric to usher in the next phase of growth.”
The Orient Electric Ltd stock will trade under the code “541301” on BSE and under the code “ORIENTELEC” on NSE. Also present on this occasion of the company’s listing were Deepak Khetrapal, Director, Orient Electric Limited and Saibal Sengupta, CFO, Orient Electric Limited and other senior company officials.
