NEW DELHI: Shares of Raymond surged 10 per cent on Friday after the textile major said it would spin off its real estate business.
The company's shares closed 9.97 per cent higher at Rs 3,233.05 on the National Stock Exchange (NSE).
On the BSE, shares of Raymond closed 9.68 per cent higher at Rs 3,226.70 per share.
In intra-day trade, Raymond's stock hit its 52-week high of Rs 3,484 on BSE and NSE.
In volume trade, 64.02 lakh shares were traded on NSE during the day, while 4.01 lakh shares were exchanged on BSE.
At the end of the trading session, the broader NSE Nifty closed 21.70 points or 0.09 per cent higher at its lifetime high of 24,323.85, while the 30-share BSE Sensex slipped 53.07 points to 79,996.60.
On Thursday, textile major Raymond Ltd said it will demerge its real estate business to unlock value for shareholders and tap the growth potential in the Indian property market.
In a regulatory filing, the company said its board has approved the plan of arrangement of Raymond Limited (demerged company) and Raymond Realty Limited (resulting company) and their respective shareholders.
Pursuant to the scheme of arrangement, each shareholder of Raymond Limited will receive one share of Raymond Realty for each share of Raymond Limited.
The real estate division's standalone operating revenue in the last financial year was Rs 1,592.65 crore, which was 24 per cent of Raymond Ltd's total revenue.
The company's shares closed 9.97 per cent higher at Rs 3,233.05 on the National Stock Exchange (NSE).
On the BSE, shares of Raymond closed 9.68 per cent higher at Rs 3,226.70 per share.
In intra-day trade, Raymond's stock hit its 52-week high of Rs 3,484 on BSE and NSE.
In volume trade, 64.02 lakh shares were traded on NSE during the day, while 4.01 lakh shares were exchanged on BSE.
At the end of the trading session, the broader NSE Nifty closed 21.70 points or 0.09 per cent higher at its lifetime high of 24,323.85, while the 30-share BSE Sensex slipped 53.07 points to 79,996.60.
On Thursday, textile major Raymond Ltd said it will demerge its real estate business to unlock value for shareholders and tap the growth potential in the Indian property market.
In a regulatory filing, the company said its board has approved the plan of arrangement of Raymond Limited (demerged company) and Raymond Realty Limited (resulting company) and their respective shareholders.
Pursuant to the scheme of arrangement, each shareholder of Raymond Limited will receive one share of Raymond Realty for each share of Raymond Limited.
The real estate division's standalone operating revenue in the last financial year was Rs 1,592.65 crore, which was 24 per cent of Raymond Ltd's total revenue.
