Sintex locked at 5% UC

Sintex, which had closed on Friday at Rs.9.91, opened itself today at its 5% UC of the day at Rs.10.40, with over 1 crore pending buy orders on the counter. Its 52-week high is at Rs.14.09.

Sintex issued a statement to the stock exchanges, saying that Reliance Industries Ltd in partnership with Assets Care & Reconstruction Enterprise Ltd has submitted a resolution plan for the corporate insolvency resolution process (CIRP) of the bankrupt textile and yarn-maker.

Others in the fray include Easygo Textiles Private Limited (Welspun Group), GHCL Limited and Himatsingka Ventures Private Limited, and Shrikant Himatsingka and Dinesh Kumar Himatsingka.

This 90-year old company was admitted into the insolvency process by the Ahmedabad Bench of the National Company Law Tribunal (NCLT) in April this year on a petition brought by Invesco Asset Management, seeking to recover Rs.15.4 crore as principal and interest of non-convertible bonds.

There are claims worth Rs.7535 crore from 27 financial creditors including HDFC Bank, Axis Bank, RBL, Aditya Birla Finance, IndusInd Bank, Life Insurance Corporation, State Bank of India, Punjab National Bank, Punjab & Sind Bank and Karnataka Bank.