Company news: Sintex Plastics Technology

| Updated on July 19, 2019 Published on July 19, 2019

The board of Sintex Plastics Technology on Friday considered the binding offer received for the purchase of the entire equity holding of its indirect wholly-owned subsidiary, Sintex NP SAS, by a consortium of private equity investors (Siparex ETI, BNP Paribas Developpement, Carvest-Credit Agricole Regions Investissement and Africinvest) through X TECH Invest. The board has agreed to enter into exclusive and confidential discussions with the PE investors and is in the process of finalising the definitive documentations. The signing of transaction is expected to occur by July end, it said. The company is working towards reducing its leverage and the sale proceeds would be used to repay the debt in its subsidiaries. Shares of Sintex Plastics slumped 4.98 per cent at ₹5.73 on the BSE.

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Published on July 19, 2019
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