Kesoram Industries share price rises nearly 7% in the last three sessions; here's why
Kesoram Industries Ltd share price rallied by 5% on Tuesday's intraday trade following the company's announcement that it will hold a board meeting on Thursday, November 30, to withdraw its proposed scheme of arrangement with its arm, Cygnet Industries, and to look into options for the repayment or retirement of its existing Non-Convertible Debentures (NCDs). The company would withdraw its scheme of arrangement, which was proposed on May 22, with regards to separating the rayon business from the cement business.
"Withdrawal of the company's proposed Scheme of Arrangement of May, 2022 with its wholly owned subsidiary, Cygnet Industries Ltd and possible options on repayment/retirement of the existing Non-Convertible Debentures," the company said in an exchange filing on Monday, November 27. Also Read: Hindustan Petroleum share price gains more than 5%, scales 52 week high.
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