What happened to Sintex Industries Ltd?

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.

Who is the owner of Sintex Industries?

Sintex

Type Public company
Industry Textile
Founded 1931, Kalol
Headquarters Kalol, Gujarat , India
Key people Rahul Patel, chairman and MD Amit Patel, MD

What is the problem with Sintex?

It owes creditors Rs 7,500 crore now. Once a legendary mill, Sintex Industries is insolvent. It is hoping to catch the eye of Reliance Industries or another buyer. How it ended up with the National Company Law Tribunal is a story of mistimed decisions and missed buses.

Is sintex Indian company?

The company is headquartered in Kalol in Gujarat with 13 branch offices across India. They are having a strong presence in the European American African and Asian markets including countries like France Germany and USA. Sintex Industries Ltd was incorporated in the year 1931 as The Bharat Vijay Mills Ltd.

Why is sintex delisted?

Shares of Sintex Industries will be delisted from the exchanges following the approval of the insolvency resolution plan by the members of the committee of creditors (CoC). Reliance Industries-ACRE had won the bid to acquire the debt-ridden textile company on March 20.

What will happen to sintex shareholders after delisting?

Update on sintex: reliance has been selected as the winner of the resolution. All equity will be written off, delisted, shares go to zero. Be aware, do not buy.

What does sintex mean?

1a : the way in which linguistic elements (such as words) are put together to form constituents (such as phrases or clauses) b : the part of grammar dealing with this.

What is the future of Sintex Industries?

“In the above circumstances and to avoid market complications, trading in the securities of Sintex Industries Limited will be suspended with effect from March 22, 2022.” The assets of the company are being acquired by Reliance Industries jointly with Assets Care & Reconstruction Enterprise Limited.

Does Sintex go to zero?

“Sintex Industries vide its announcement dated March 20, 2022, informed the Exchange regarding approval of the resolution plan by the Committee of Creditors’ members… which proposes that existing share capital of the Company shall be reduced to zero and the Company will be delisted from the stock exchanges,” said BSE …

What is the latest news on Sintex Industries?

SINTEX INDUSTRIES LTD.has informed BSE that the meeting of the Board of Directors of the Company is scheduled on 23/05/2022 ,inter alia, to consider and approve the Audited Financial Results (Standalone and Consolidated) for the Fourth quarter and year ended 31st March, 2022.

Is Ambani Buy Sintex?

The Mukesh Ambani-led RIL has reportedly entered into a partnership with Assets Care & Reconstruction Enterprise (ACRE) for the bid to acquire Sintex, said sources. The RIL offer includes payment to financial creditors and equity infusion for working capital requirements, said sources.

What does Sintex mean?