Areva T&D at 3-yr low on demerger of distribution biz
Areva T&D India has slipped 29% to Rs 140 on the National Stock Exchange on demerging its distribution (medium voltage) business operations into wholly-owned subsidiary, Smartgrid Automation Distribution and Switchgear Limited.
The board of directors of the company has fixed December 15, 2011 as the record date for determining shareholders of the company who would be entitled to receive on a proportionate basis, for every one fully paid-up equity share of Rs 2 each held in Areva T&D India Ltd., the transferor company, one fully paid-up equity shares of Rs 2 each of Smartgrid Automation Distribution and Switchgear Limited, the transferee company.
The trading volumes on the counter more than doubled, with a combined 971,620 shares changing hands so far, against an average sub-450,000 shares traded daily in the past two weeks.
Source: Business Standard
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