GHCL opened up in the green today, rising almost 5% and then surging further to an intraday high at Rs.105.65, up over 8%. It remains firmly in the green currently, up over 5% at Rs.102 levels.
The market seems to be happy with its demerger scheme. It is demerging its inorganic chemicals as well as textile business into two different entities and each will be separately listed companies after approval of scheme of arrangement by NCLT.
The company said that the textiles business will not be a subsidiary of inorganic chemicals Business after the demerger of the company.
The shareholders of demerged company (i.e. GHCL Limited) will get one equity share of resulting company i.e. textile company, which will be a separate listed company.