Suryaamba Spinning Mills lists at Rs 31 on BSE
Suryaamba Spinning Mill on Thursday got listed at Rs 31 on the Bombay Stock Exchange pursuant to its demerger from Suryalata Spinning Mill in 2007.
By PTI |
MUMBAI: Suryaamba Spinning Mill on Thursday got listed at Rs 31 on the Bombay Stock Exchange pursuant to its demerger from Suryalata Spinning Mill in 2007.
Shares of Suryaamba opened at Rs 31 and surged to a high of Rs 41 within first few minutes of trade on the BSE. The company listed 22.28 lakh shares on the bourse. Earlier in 2007, the manufacturer and exporter of polyester Suryalata Spinning Mill (SSML) had demerged its yarn division into Suryaamba Spinning Mills Ltd.
Under the scheme of arrangement, SSML has allotted two equity shares, for every five shares held in the company. Last year the Andhra Pradesh High Court approved the said scheme and accordingly "the dealing in the securities of Suryalata was stopped with effect from April 23, 2008," the BSE said.
Meanwhile, the exchange in a notice said the daily circuit filter for the scrip has been kept open to enable investors to trade in the scrip at a realistic price level.
"The daily circuit filter in the equity shares of the company is being kept open on September 3, 2009, in order to enable the members to deal in the scrip at a realistic price level," it said.
Cautioning an unusual spurt in the scrip, the notice added that, "Trading members are cautioned not to enter orders at unrealistic prices."
Shares of Suryaamba opened at Rs 31 and surged to a high of Rs 41 within first few minutes of trade on the BSE. The company listed 22.28 lakh shares on the bourse. Earlier in 2007, the manufacturer and exporter of polyester Suryalata Spinning Mill (SSML) had demerged its yarn division into Suryaamba Spinning Mills Ltd.
Under the scheme of arrangement, SSML has allotted two equity shares, for every five shares held in the company. Last year the Andhra Pradesh High Court approved the said scheme and accordingly "the dealing in the securities of Suryalata was stopped with effect from April 23, 2008," the BSE said.
Meanwhile, the exchange in a notice said the daily circuit filter for the scrip has been kept open to enable investors to trade in the scrip at a realistic price level.
"The daily circuit filter in the equity shares of the company is being kept open on September 3, 2009, in order to enable the members to deal in the scrip at a realistic price level," it said.
Cautioning an unusual spurt in the scrip, the notice added that, "Trading members are cautioned not to enter orders at unrealistic prices."
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