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APL Apollo zooms 48% in 10 trading sessions as Board okays merger scheme

Shares of APL Apollo Tubes (APL Apollo) hit a new high of Rs 1,394, up 4 per cent on the BSE, in the intra-day trade on Monday, surging 30 per cent in the past six trading days after the company’s board approved the merger of Shri Laxmi Metal Udyog and Apollo Tricoat Tubes (Apollo Tricoat) with the company. The stock was trading higher for the 10th straight day and has rallied 48 per cent during the period.
Apollo Tricoat’s minority shareholders will receive one equity share in APL Apollo for each equity share held Apollo Tricoat. This transaction has been effected by way of a scheme of amalgamation and is subject to shareholder approval at each of APL Apollo and Apollo Tricoat, as well as regulatory approvals. This transaction is expected to close in Q3FY22 with appointed date of merger being April 1, 2021 ....

Apollo Tricoat , Shri Laxmi Metal Udyog , Apollo Tricoat Tubes , Apl Apollo Tubes Share Price , Apollo Tricot , திரு லக்ஷ்மி உலோகம் உதியோக் , அப்பில் அப்பல்லோ குழாய்கள் பகிர் ப்ரைஸ் , அப்பல்லோ ட்ரைகோட் ,

APL Apollo, Apollo Tricoat Tubes surge up to 10% on board nod to merger

Shares of APL Apollo Tubes (APL Apollo) and Apollo Tricoat Tubes (Apollo Tricoat) rallied up to 10 per cent to hit their respective all-time highs on the BSE in intra-day trade on Monday after their boards approved the merger of Shri Lakshmi Metal Udyog and Apollo Tricoat with APL Apollo.
The stock of APL Tricoat rallied 10 per cent to Rs 1,020, while APL Tubes gained 5 per cent to Rs 1,125. In comparison, the S&P BSE Sensex was up 1.2 per cent at 49,693 points at 09:25 am.
Apollo Tricoat’s minority shareholders will receive one equity share in APL Apollo for each equity share held in Apollo Tricoat. This implies a premium of 16 per cent to the previous closing price for Apollo Tricoat’s shareholders. The merger will result in an increase of 10.8 per cent in APL Apollo’s share capital. ....

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