India Glycols jumps up 8%

India Glycols is up there among the top five gainers on the BSE, rising almost 8% to hit an intraday high at Rs.805.70; volumes jumped up 32x.

The stock price soared after the company stated today that  it would sell its entire investment in the JV - Kashipur Infrastructure and Freight Terminal to Gateway Distriparks.

This is a JV between India Glycols, Apollo LogiSolutions, and Kashipur Holdings. It owns and operates a rail-connected inland container depot at Kashipur, Uttarakhand.

The sale of the entire holding was struck for Rs.156 crore. India Glycols along with is nominee(s) and affiliate would transfer 48.92 of the JV Co. in accordance with the SPA. Out of the total Rs.156 crore, India Glycols is entitled to receive an aggregate amount of Rs.66 crore for sale of its stake of 42.31%.

Further, 0.08% of the shareholding (i.e.5,000 equity shares) in the JV Co. is currently held in the name of Fourcee Infrastructure Equipments which is in liquidation. This will first to transferred from Fourcee to India Glycols and then to Gateway at the same per share price as received for sale of the 42.31% shareholding in the JV Co.