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Home News Trades - Sundaram-Clayton ex-date for scheme of arrangement; stock slumps 19%

Trades – Sundaram-Clayton ex-date for scheme of arrangement; stock slumps 19%

Sundaram-Clayton (SCL) shares trades in intraday trading on Friday fell 19% to Rs 3,884.60 on the BSE as stock trades reached the plan of arrangement’s expiration date.

In relation to the 116 fully paid NCRPS, the organization had set March 24, 2023, as the record date for determining the investors’ eligibility for reward non-convertible redeemable inclination offers (NCRPS). would be eligible for 10 percent of the organization’s assumed value for each Rs. 5 value share held by such an investor.

Trades: The company, among other things, makes gravity and pressure die castings for non-ferrous metals and invests in companies that make cars with two or three wheels.

The company’s overall arrangement for the demerger of the manufacturing enterprise and the issuance of Bonus NCRP were approved by the Board at its meeting on February 9, 2022.


The National Company Law Tribunal (NCLT) approved the entire arrangement plan on March 6, 2022. After that, the manufacturing operations of SCL’s aluminum die-casting business and its subsidiaries would combine to form Sundaram Clayton DCD Limited, a separate entity. will finish. scdcd). By June 2023, it is anticipated that all manufacturing operations will have been demerged.

CRISIL Ratings has given the “CRISIL A1+” rating to the total non-convertible redeemable preference shares of SCL worth Rs 2,347 crore.

As a result of the ongoing plan for restructuring and arrangement, which has been approved by NCLT, ratings based on cumulative NCRPS factors anticipate that SCL will eventually become primarily a holding company with a 50.26 percent stake in TVS Motor Company Ltd. (TVSM). SCL’s manufacturing operations will be included in this. SCL’s stake in TVSM currently has a market value of more than Rs 26,000 crore, and only moderate debt, primarily in the form of NCRPS, will guarantee healthy debt cover once the restructuring process is finished, which is expected to happen soon. Will SCL’s business performance, according to CRISIL Ratings, will continue to improve steadily thanks to its domestic automotive die-cast components, significant operational efficiencies, and the turnaround of its US operations beginning in the upcoming fiscal year. Its financial risk profile will also gradually improve over the medium term, following a brief moderation in FY2023. Please click here for more in-depth justification.


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