Rossell Techsys, following its demerger from parent company Rossell India Limited in August 2024, made its stock market debut on Indian bourses on Monday, December 9. Meanwhile, Rossell India Ltd. remains an independent listed entity.
The stock was listed in the “T” category. T group stocks are settled on a trade-to-trade basis and are not available for intraday trading.
Rossell Techsys share price opened at ₹549 on BSE on Monday and hit its 5 per cent lower circuit of ₹521.55. Shares of Rossell India traded 2.51 per cent lower at ₹91 around 12:30 pm on BSE.
“This is a proud moment for Rossell Techsys as we embark on a journey of independent growth. Our listing not only symbolizes the trust our stakeholders have in us and in the business but also reflects our ambition to create enduring value in the aerospace and defense ecosystem. We are committed to leveraging this momentum to strengthen our leadership in the industry,” said Harsh Gupta, Chairman of the company.
Rossell Techsys-Rossell India demerger
The Bengaluru-based aerospace and defence solutions provider firm was demerged from its parent Rossell India Limited, after the National Company Law Tribunal (NCLT), Kolkata Bench, approved the scheme of arrangement in April this year.
“As you are aware, the Hon’ble National Company Law Tribunal, Kolkata Bench (NCLT), through its order dated 25 April 2024, sanctioned the scheme of arrangement between Rossell India Limited (the demerged company) and Rossell Techsys Limited (the resulting company). The scheme became effective on and from 30 August 2024,” said Rossell India on 6 November 2024.
After the demerger, Rossell Techsys, on 25 September 2024, issued and allotted 3,76,96,475 shares of ₹2 each to the shareholders of Rossell India whose name appeared in its register as on the record date fixed for the purpose 20 September 2024. It paid a fully paid up share of ₹2 each of Rossell Techsys for every one fully paid up a share of ₹2 each held in Rossell India Limited.
“The listing marks a pivotal milestone for Rossell Techsys. It signifies our readiness to embrace opportunities as an agile, forward-looking, customer-centric organisation. With the support of our employees, customers, and shareholders, we look forward to continuing our legacy of delivering world-class solutions and creating sustainable growth,” said Rishab Gupta, Managing Director of Rossell Techsys.
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