Greenpanel Industries Limited lists on the exchanges
Greenpanel Industries Limited (Greenpanel) was demerged from Greenply Industries Limited (Greenply) by way of a Scheme of Arrangement approved by the Hon’ble NCLT at Guwahati.
Greenpanel comprises of the MDF units at Uttarakhand and Andhra Pradesh with a cumulative capacity of 5,40,000 cubic meters and the Plywood Unit at Uttarakhand with a capacity of 10.5 million square meters.
· The shareholders of Greenply were allotted shares of Greenpanel in the ratio of 1:1
Mumbai, October 23, 2019: Greenpanel Industries Limited (“GIL” – BSE - 542857| NSE GREENPANEL|INE08ZM01014), listed on the stock exchanges today. The shareholders of Greenply were allotted 1 (one) fully paid equity share of Re 1/- of Greenpanel for every 1 (one) fully paid equity share of Re 1/- of Greenply. Today, 12,26,27,395 equity shares of Re 1/- of Greenpanel got listed on the stock exchanges and trading commenced.
Present on the occasion of the listing ceremony of Greenpanel at the iconic BSE auditorium were Mr. Shobhan Mittal, Managing Director and CEO and Mr Vishwanathan Venkatramani, Chief Financial Officer amongst others.
Commenting on this occasion, Mr. Shobhan Mittal, Managing Director and CEO, said, “The demerger and the listing of Greenpanel as a separate entity on the exchanges is in tandem with the long term vision of the promoters. The demerger would entail several benefits such as a separate and independent listing of the MDF business leading to unlocking of shareholder value for Greenply shareholders. It provides an opportunity for investors who wish to invest only in the MDF business of Greenply. It leads to segregation of various businesses with different risk and return profiles. It entails a better focused growth strategy and capital allocation for each of the businesses. It stimulates economies in business operations and optimal utilization of resources.”