Shares of branded fabric and fashion retailer, Raymond Limited jumped upto 20-pc in the afternoon trading after the company announced the demerger of its core Lifestyle Business into a separate entity that will be listed by way of mirror shareholding structure, implying each shareholder of Raymond will be issued shares of the new entitty in the ratio of 1:1.
In addition, the Raymond announced the allotment of Equity Shares and CCPS (Compulsorily-Convertible-Preference-Shares) to its associate Co, namely J K Investo Trade(India)Limited, against the infusion of net proceeds of the latter’s land-sale, which was reported in the last month. A total of Rs.350-cr will be utilized to pay-back the debt, whereby de-leveraging the Balance Sheet of the Company (Raymond). , Raymond said.
For stock tips vist our website
Reacting to the development, shares of Raymond which opened Friday at Rs.700-per share, has hit an intraday high level of Rs.808-per share, up by Rs.134.65 or 20-percent from its previous closing on the NSE.
In Comparison, the benchmark Nifty shed 67 points at 11944-mark and the Sensex scaled down at 248 points to 40,405-level at 2.55-pm.
Avail free Mcx tips from our Experts