Raymond Limted appears to have had a roller coaster ride over the past few days. The company's shares surged for weeks after SEBI's approval of the demerger. The demerger was officially approved by the board of directors or BoD, on July 4.
Raymond Demerger Into Two Entities
The surge, however, came to a grinding halt on July 11, when the company shares dropped by a colossal 39 per cent in just the matter of single trading session.
It is to be noted that, as per the agreed-upon understanding, the demerger came to pass on July 11, wherein the companies were split into Raymond Ltd. and Raymond Realty Limited (RRL).
This also meant that the shareholders of the former entity would be eligible for the shares of the new entity as well.
The surge, however, came to grinding halt on July 11, when the company shares dropped by a colossal 39 per cent in just the matter of single trading session. |
The new dawn, however, appears to have brought new hope for the company's prospects, as Raymond shares rose in the intraday trade on the last day of the trading week. On Friday, July 12, the company shares rose by 5 per cent hitting the upper circuit. The upper circuit results, like the lower circuit, trigger a halt in the trading of shares of the said company.
The new entity, according to the company, will also be listed on the National Stock Exchange (NSE) in the span of a month.
Gautam Singhania post |
Company Shares Hit Upper Circuit
On July 11, the company head, Gautam Singhania, took to his personal X to say, "With our lifestyle business being spun off, the de-merged entity of Raymond will be listed separately in the coming weeks. With this move, we aim to unlock more value for our shareholders & also have a more strategic focus across our business verticals.
On Friday, July 12, the company shares gained 5.00 per cent or Rs 100.05, reaching Rs 2,101.35, before triggering the upper circuit. |
Singhania further added, "Our business verticals have seen stellar growth in the last couple of quarters & I am hopeful that we will carry forward this momentum in the coming years."
On Friday, July 12, the company shares gained 5.00 per cent or Rs 100.05, reaching Rs 2,101.35, before triggering the upper circuit.
