Ester Industries rises on entering into JV Agreement with Loop Industries
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Ester Industries is currently trading at Rs. 119.85, up by 0.16 points or 0.13% from its previous closing of Rs. 119.69 on the BSE.
The scrip opened at Rs. 117.30 and has touched a high and low of Rs. 124.10 and Rs. 117.30 respectively. So far 9076 shares were traded on the counter.
The BSE group 'B' stock of face value Rs. 5 has touched a 52 week high of Rs. 134.95 on 17-May-2023 and a 52 week low of Rs. 80.21 on 24-Nov-2023.
Last one week high and low of the scrip stood at Rs. 127.93 and Rs. 117.30 respectively. The current market cap of the company is Rs. 1145.77 crore.
The promoters holding in the company stood at 62.46%, while Institutions and Non-Institutions held 0.04% and 37.49% respectively.
Ester Industries has entered into a Joint Venture Agreement (JV Agreement) with Loop Industries Inc. (Loop), a Company under the laws of State of Nevada with principal office at Quebec, Canada, to incorporate a Joint Venture Company (JVC) in India for the purpose of engaging in the business of manufacture of DMT and/or MEG through depolymerisation of PET and/or Polyester waste using patented Loop technology.
Both Ester and Loop will hold 50% in the proposed JVC with proportionate shareholder rights to voting, dividend distribution and other economic rights as per JV agreement. The entire project cost is expected to be around $165 million and the same will be funded through appropriate mix of debt and equity which shall be invested from time-to-time.
Ester Industries’ main business activities are production and marketing of versatile ranges of polyester films and engineering plastic.
