Rushil Decor shares rise as company incorporates new subsidiary

Shares of Rushil Decor Ltd jumped on Wednesday after the company announced incorporation of its subsidiary named 'Rushil Modala Ply Ltd' on March 19, 2024. The company informed about the same through an exchange filing with the bourses on Tuesday. The newly incorporated subsidiary will be engaged in the manufacturing and sale of Plywood and allied products, said the company.  The business of the company is complementary to the main line of business of the listed entity. Thus, the products to be manufactured by the Company will be in the same vertical segment of products manufactured by Rushil Decor Ltd. Following the announcement, shares of Rushil Decor jumped about 3 per cent to Rs 303 on Wednesday, commanding a total market capitalization of about Rs 800 crore. The scrip had settled at Rs 295.15 in the previous trading session on Thursday. The stock has surged about 50 per cent from its 52-week lows at Rs 202.37. It has an authorized share capital of Rs 1 lakh, divided into 10,000 equity shares with a face value of Rs 10 each. Rushil Decor has subscribed to 51 per cent paid up equity share capital or 5,100 equity shares of the company in cash in the new subsidiary. It holds 51 per cent stake in the new entity. Founded in 1993, Rushil Décor, is engaged in modern interior infrastructure, and eco-friendly, composite wood panels. The Ahmedabad-based Laminate and MDF panel boards industry player, has a global footprint in more than 50 countries under its flagship brand named 'VIR'.