BSE, NSE suspend trading in Sintex Industries shares from today
Premium- Sintex Industries' lenders have approved the joint bid of RIL and ACRE to acquire the debt-ridden textiles firm under the insolvency resolution process
The stock exchanges BSE and NSE have suspended trading in Sintex Industries as no buying or selling will be allowed in the stock from Tuesday, March 22, 2022. The announcement comes as Reliance Industries-ACRE won bid to acquire Sintex Industries and proposed to delist Sintex shares.
The debt-ridden textile manufacturer announced that "As per Resolution Plan of Reliance Industries Limited (RIL) jointly with Assets Care & Reconstruction Enterprise Limited (ACRE) it is proposed that existing share capital of the company shall be reduced to Zero and the company will be delisted from the stock exchanges i.e. BSE and NSE."
In the above circumstances and to avoid market complications trading in the securities of Sintex Industries Limited, will be suspended w.e.f. March 22, 2022, BSE announced in a circular on Monday.
Sintex Industries' lenders have approved the joint bid of Reliance Industries (RIL) and Assets Care & Reconstruction Enterprise (ACRE) to acquire the debt-ridden textiles firm under the insolvency resolution process. The Committee of Creditors (CoC) of Sintex Industries has unanimously voted in favour of the resolution plan by Reliance Industries and ACRE, the company had informed in an exchange filing.
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Insolvency proceeding against Sintex Industries was initiated in April last year. Sintex further added that the Interim Resolution Professional is in the process of filing an application for approval of the said resolution plan by the NCLT and intimation of the same shall be given to the members as required.
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