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The National Company Law Tribunal (NCLT) approved the joint bid of Propel Plastic Products Pvt Ltd and PlastAuto Pvt Ltd for debt-ridden Syntex-BAPL. Sintex Plastic Technology Limited (SPTL) informed the stock exchanges that the Ahmedabad bench of NCLT passed the order approving the resolution plan of Syntex-BAPL Limited.
What the company said: The Ahmedabad Bench of NCLT has approved the resolution plan offered by the consortium of Propel Plastic Products Pvt Ltd and PlastAuto, the company said. 1,250 crores is Rs. The company said it will submit a copy of the order after it is posted on the NCLT website.
Upper circuit in stock: Amidst this news, Syntex Plastic Technology shares hit upper circuit on Friday, the last trading day of the week. The stock closed at Rs 2.28, up 5 per cent.
Let us tell you that Sintex-BAPL is a leading manufacturer of water tanks and plastic based interior materials. It is a wholly owned subsidiary of Syntex Plastic Technology Limited.