The board of directors of Aurionpro has approved the demerger of its non-core business division into its wholly owned subsidiary Trejhara Solutions Ltd subject to the receipt of requisite approvals.
The turnover of the demerged version is Rs 143.95 crores. The percentage of the turnover of the demerged division to the total turnover of the company stands at 20%.
The rationale behind the demerger was because the core business and the demerged business has different risk profiles and growth opportunities.
The business would require undiluted management bandwidth to execute the respective vision.
Therefore the demerged business may be transferred to separate company and whose shares would also be listed on the stock exchange after the demerger.
BSE IT index is trading in negative territory weak by over 12 points or 0.12% at 9907 levels.
Stock view:
Aurionpro Solutions Ltd is currently trading at Rs 131.9, up by Rs 1.9 or 1.46% from its previous closing of Rs 130 on the BSE.
The scrip opened at Rs 132 and has touched a high and low of Rs 134 and Rs 131 respectively. So far 45825(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs 285.35 crore.
The BSE group 'B' stock of face value Rs 10 has touched a 52 week high of Rs 174 on 12-Dec-2016 and a 52 week low of Rs 90.35 on 09-Nov-2016. Last one week high and low of the scrip stood at Rs 136.5 and Rs 125 respectively.
The promoters holding in the company stood at 32.16 % while Institutions and Non-Institutions held 0.53 % and 67.31 % respectively.
The stock is currently trading above its 200 DMA.
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