GMR Industries relists at 18.6% premium

After the Demerger of the Ferro Alloys Division, GMR Industries share were relisted today in the markets. The shares of GMR Industries have opened at a premium of Rs 32.40, or 18.62%, at Rs 206.40 as against the previous close of Rs 174.00.

Earlier in August 2006 the board members of GMR Industires have approved the demerger of the ferro alloys division into a separate company GMR Ferro Alloys and Industries. As per the Demerger ratio, for every 100 shares held by the shareholders in GMR Industries, after the demerger share holders will have 62 new shares in GMR Industries (the demerged company); and 38 shares in GMR Ferro Alloys & Industries .