NEW DELHI: Shares of Raymond rose over 17 per cent on Friday after the textile major said it will demerge its real estate business to unlock value for shareholders and tap the growth potential in the Indian property market.
The company's shares rose 17.30 percent to Rs 3,450.95 on BSE.
Shares of Raymond rose 16.83 per cent to Rs 3,434.75 per share on NSE.
In intra-day trade, Raymond's stock hit its 52-week high of Rs 3,480.35 and Rs 3,484 on the BSE and NSE.
Meanwhile, the 30-share BSE Sensex benchmark fell 357.95 points or 0.45 per cent to 79,691.72. Nifty fell 64.90 points or 0.27 per cent to 24,240.05.
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 (dissolved 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 rose 17.30 percent to Rs 3,450.95 on BSE.
Shares of Raymond rose 16.83 per cent to Rs 3,434.75 per share on NSE.
In intra-day trade, Raymond's stock hit its 52-week high of Rs 3,480.35 and Rs 3,484 on the BSE and NSE.
Meanwhile, the 30-share BSE Sensex benchmark fell 357.95 points or 0.45 per cent to 79,691.72. Nifty fell 64.90 points or 0.27 per cent to 24,240.05.
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 (dissolved 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.
