Dhampur Bio Organics Ltd. debuted on the stock exchange following its spin-off from Dhampur Sugar Mills Ltd.
The company, which was spun off from Dhampur Sugar Mills under a settlement plan approved by the National Company Law Tribunal, Allahabad Bench, is listed on the BSE at Rs 169 and on the National Stock Exchange at Rs 160.1.
The script got off to a volatile start. It rose as much as 3% to Rs 174 but soon pared all gains to trade on the BSE 5% lower at Rs 160.5 apiece. before continuing again.
Under the plan approved on April 27th this year, Dhampur Bio will issue and allocate a fully paid share share of Rs 10 for each such share of Rs 10 held in Dhampur Sugar Mills.
Dhampur Sugar Mills’ sugar, industrial alcohol, ethanol, chemical and portable alcohol and energy manufacturing units were spun off and transferred to Dhampur Bio Organics.
The BSE said in its announcement that Dhampur Bio Organics will attend a special pre-opening session for the IPO, as is the norm for newly listed shares or companies resulting from an arrangement or demerger program. As per SEBI regulations, the scrip will be in the trade-for-trade segment for 10 trading days, hence trading volume is expected to remain subdued.
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