Pearl Polymers announced today morning that it Board has approved the sale and transfer of its B2B business on a going concern basis through a slump sale for a lump sum consideration to Manjushree Technopack.
This was sold for a cash consideration of Rs.92.50 crore.
Manjushree is engaged in manufacturing, marketing and sale of rigid plastic packaging solutions and it contributed almost 90% to the total revenue of Pearl Polymers in FY20.
The market seems to be pretty happy with this development. The stock, which had closed at Rs.7.15 yesterday, within minutes of opening, hit the 5% UC at Rs.18. Its 52-week high is at Rs.23 on 29th July’20.