Aditya Birla Nuvo turns ex- scheme of arrangement

Pantaloons Fashion was trading higher by 3% at Rs 218 after hitting an intra-day high of Rs 224 on the NSE.

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Shares of Aditya Birla Nuvo were trading lower at Rs 974 on the National Stock Exchange (NSE) after the stock turned today ex-scheme of arrangement.

The stock hit a high of Rs 1,061 and low of Rs 936 so far. A combined 989,267 shares changed hands on the counter on the NSE and BSE.

In May last year, Aditya Birla Nuvo announced merger of all its branded apparel businesses into one entity, Pantaloons Fashion & Retail now known as Aditya Birla Fashion and Retail.

Under the scheme of arrangement, the apparel businesses of group holding company Aditya Birla Nuvo (ABNL) and of another group firm Madura Garments Lifestyle Retail would be demerged into listed firm Pantaloons Fashion & Retail (PFRL).

ABNL said that it has fixed record date as January 21, 2016 for determining the entitlement of the equity shareholders of ABNL to receive, pursuant to the scheme fully paid up equity shares of the face value of Rs 10 each of PFRL in the ratio of 26 equity shares of PFRL of the face value of Rs 10 each credited as fully paid up for every 5 equity shares of the face value of Rs 10 each fully paid up held by the equity shareholders in ABNL.

At 10:45 a.m. shares of PFRL were trading higher by 3% at Rs 218 after hitting an intra-day high of Rs 224 on the NSE in otherwise weak market. It touched low of Rs 207 so far.