HSIL rose to hit a new 52-week high today at Rs.288.70, up over 8%, with volumes up over 2.5 times.
The stock hit the roof after its Board approved the divestment of its building products division to Brilloca, a wholly owned subsidiary of Somany Home Innovation Limited (“SHIL”) in a slump sale transaction for a cash consideration of Rs 630 crore.
The funds raised will be used towards the pre-payment of existing bank borrowings,
With the proposed transaction, the building products division’s entire operating facilities will be transferred to Brilloca.
The transaction is expected to be completed by March 31, 2022, or any other date as mutually agreed between HSIL and Brilloca