/cdn.vox-cdn.com/uploads/chorus_asset/file/25721751/https___cdn.sanity.io_images_xq1bjtf4_production_dfbbfa069df92b4a835299c13920f3c26c6b2106_6048x4024.jpg?w=400&resize=400,250&ssl=1 "Heretic’s directors on crafting their new horror villain: ‘This has to be Hugh Grant’")
Bajaj Group stock zooms 20% after fixing record date for demerger
Source: Business Standard
Hercules Hoists record date news: Hercules Hoists (HHL) share price was locked in the 20-per cent upper circuit at Rs 621.30 on the BSE on Tuesday. Hercules Hoists share was locked in the upper circuit band after the company fixed October 11 as the record for the demerger of the manufacturing undertaking.
The Bajaj Group company said the board has fixed October 11, 2024 as the Record Date for the purpose of determining the eligible shareholders of Hercules Hoists to whom the securities of Indef Manufacturing Limited would be allotted in terms of the Scheme.
Click here to connect with us on WhatsApp
Average trading volume of the smallcap company, Hercules Hoists, jumped multiple-fold today. A combined 2.67 million equity shares, representing 8.35 per cent of total equity of Hercules Hoists, had changed hands on the NSE and BSE till 2:43 PM.
Further, there were pending buy orders for a combined 140,000 shares on these exchanges, data shows.
Hercules Hoists stock had hit a record high of Rs 655.05 on July 15, 2024. Since May 2023, in the last 18 months, it has zoomed 211 per cent on the BSE.
The scheme of arrangement between HHL and Indef Manufacturing Limited (IML) was approved by the board of directors of the company on September 23, 2022. The scheme envisages transfer of manufacturing business of HHL to its wholly owned subsidiary (WOS), namely IML, by way of a demerger in order to segregate the manufacturing business from investment business of HHL.
HHL will continue to carry on the investment business post the scheme.
Pursuant to the demerger, shares in the ratio of 1:1 will be issued to shareholders of HHL and shares held by HHL in IML will get cancelled thereby replicating mirror shareholding pattern of HHL in IML.
On rationale behind scheme, Hercules Hoists said the demerger will result into splitting of manufacturing business and investment business of the demerged company with a view to unlocking value, enhance the scope of work of both, the demerged company and the resulting company, and further to draw new investors, JV, bringing technology partner, merger and acquisition for exploring other growth potential in it.
The growth of the material handling products industry is intricately tied to the expansion of construction, infrastructure, manufacturing, transport, and shipping activities. With the rapid modernisation of industries such as food processing, pharmaceuticals, agriculture, and chemicals, alongside advancements in transportation and warehousing, the demand for material handling systems is poised to soar.
As the Indian economy continues to strengthen, there will be a notable surge in demand for manufactured goods, thereby creating significant opportunities for suppliers offering a diverse range of material handling products and services. The company, in its FY24 annual report, said that it anticipates that industry growth will taper down and stabilise to a more sustainable long-term rate, hovering within the range of 7-10 per cent.
First Published: Oct 01 2024 | 3:28 PM IST
