Cyrus Patel: Yes. Good morning. Congratulations on your acquisition. I have only two questions. What is going to happen to the existing shareholders of Sintex plastics, which are-- is it going to remain a quoted company? Is it going to be delisted? What is going to happen?
Akhil Jindal: Yes. So, basically because this company has been acquired under the IBC, so there is no shareholding left in this company of any other investor or shareholder other than Welspun Corp. So Welspun Corp is a 100% owner of the new Sintex-BAPL. And no other investor has any stake left in the company. So it’s a 100% subsidiary today.
Cyrus Patel: So it will be delisted?
Akhil Jindal: The parent-- this company was never a listed company; the parent of this company was a listed company. And I understand that, that company is also going through an IBC process. So what would happen to that company would be decided in the NCLT courts.
Cyrus Patel: Okay. So the Sintex Plastic Technology, which is the listed company is currently being traded on the exchanges, and that will continue to be traded until any further notice from any of the authorities, right?
Akhil Jindal: That’s right. I mean whether it’s traded or not traded, sorry, I’ve not kept track of it. But this was originally the promoter of the Sintex-BAPL that we have acquired. And the Sintex-BAPL, as I mentioned to you, is now 100% subsidiary of Welspun Corp.
Cyrus Patel: Okay. Understood. And for which they are getting paid INR 1,250 crores in total?
Akhil Jindal: Yes, INR 1,251 crores was paid to the creditors of this company. And to that extent, no cash travelled back to the Sintex Plastic, as you as you asked.
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