There is unconfirmed news that promoters of PET film maker, Polyplex Corporation are looking at selling off its majority stake and exiting completely from the company. They are said to have hired Goldman Sachs to explore this option.
With PET film prices on the surge as need for packaging in Covid times rising, the promoters probably feel that this is the right time monetise their stake. Those in the know also say that the stake sale is a part of the succession plan.
Promoters currently hold 50.97% stake. This exit may or may not happen but for now the markets are warily optimistic, the stock price rising almost 7% to hit an intraday high at Rs.840.50 and profit booking pushed it down to Rs.813 levels, where it is trading currently, up some 3%. Its 20% UC for the day is at Rs.943.80.