RIL interest in bankrupt Sintex Industries boost firm, stocks double

Stocks of Sintex Industries have been rising ever since Reliance Industries emerged as one of the bidders who showed interest to acquire the bankrupt firm.

As per reports, Reliance Industries, ARES Capital-backed Assets Care and Reconstruction Enterprises, Welspun Group company Easygo Textiles, Trident, Himatsingka Ventures and GHFC have shown interest in Sintex Industries.

The company's shares have doubled in the past one month, rising 172 per cent so far in 2021, exchange data showed.

Currently, the company's stock price is valued at Rs 12.25 per share.

The Gujarat-based textile company is currently undergoing a corporate insolvency and resolution process in the National Company Law Tribunal (NCLT).

Sintex Industries, which was incorporated back in 1931, deals in textiles and yarns, and has presence across major Asian, European, US and African markets.