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HSIL spurts on getting nod to evaluate options for restructuring its business

  • May-19-2017
  • 14 Hrs IST

HSIL is currently trading at Rs. 332.00, up by 1.35 points or 0.41% from its previous closing of Rs. 330.65 on the BSE.

The scrip opened at Rs. 330.00 and has touched a high and low of Rs. 340.60 and Rs. 326.00 respectively. So far 11637 shares were traded on the counter.

The BSE group 'B' stock of face value Rs. 2 has touched a 52 week high of Rs. 374.50 on 31-Mar-2017 and a 52 week low of Rs. 255.40 on 21-Jun-2016.

Last one week high and low of the scrip stood at Rs. 350.10 and Rs. 326.00 respectively. The current market cap of the company is Rs. 2388.31 crore.

The promoters holding in the company stood at 48.43%, while Institutions and Non-Institutions held 33.10% and 18.47% respectively.

HSIL has received an approval to evaluate various options in relation to the potential restructuring/ realignment of the company’s businesses with a view to streamlining businesses, accessing varied sources of funds by unlocking the intrinsic value of the company’s assets, achieving cost efficiencies, optimizing operations and increasing shareholder value.

The board of directors at its meeting held on May 18, 2017, constituted a ‘Strategic Initiative Committee of Directors’ for the same. The board also authorized the said Committee to engage best external advisors and law firms of the country to assist with such evaluation.

HSIL is one of the leading domestic players in container glass and building products segments. Under the second segment, the company manufactures and trades in sanitaryware products, faucets and wellness products. It has five manufacturing facilities in India, of which three are located in Andhra Pradesh, one in Rajasthan and one in Haryana.