Mumbai: Real estate firm Ajmera Realty & Infra India Ltd has received approval from the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE) for commencing trade on their platforms.
Following the receipt of approval from the Bombay high court for the demerger of steel division from Ajmera Realty & Infra India and transfer of steel division to Ajmera Precoated Steels, BSE & NSE have approved trading in the shares of Ajmera Realty with effect from 16 June.
As per the approval from the Bombay high court, equity shareholders of Ajmera Realty & Infra India holding ten equity shares of Rs10 each on record date have been allotted three equity shares of Rs10 each of Ajmera Realty & Infra India’s real estate entity and seven equity shares of Rs10 each of Shree Precoated Steels Ltd, its steel entity.
However, currently the shares would be traded in the old name Shree Precoated Steels Ltd. The company has requested both the bourses to change the name from Shree Precoated Steels to Ajmera Realty & Infra India, and the same is expected to happen in due course of time, the company said.
Ajmera Realty & Infra is engaged in construction of Ajmera Gate Tower at Manama in Bahrain, through its subsidiary - Ajmera Mayfair Global Realty, in which company holds 60% stake.