Orient Electric, the demerged entity of Orient Paper & Industries (OPI), got listed on Monday. The stock hit the upper circuit limit of 5 per cent at ₹142 on the BSE, and closed at ₹141.15. Intraday, it hit a low of ₹129 and a high of ₹142. On the NSE, it closed at ₹140.
According to the scheme of arrangement, the consumer electric business of OPI has been transferred to and vested in Orient Electric. In consideration thereof, Orient Electric has issued to the shareholders of OPI, one equity share of ₹1 each of Orient Electric for every one share held, as on the record date, January 12.
Commenting on the listing of Orient Electric, MD & CEO Rakesh Khanna said the demerger of the consumer electricals business is part of a well-thought-out strategy to unlock the true potential of this business, thus enhancing shareholder value.
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