 "Future Retail DVR zooms 75% in four days")
Shares with differential voting rights (DVRs) of Future Retail were locked in upper circuit for fourth straight day, up 10% at Rs 86.90 on the NSE, after its board on Monday, May 4, 2015, approved the consolidation and realignment of its retail operations with Bharti Retail.
The stock is trading at its 52-week high and has zoomed 75% in the past four trading sessions from Rs 49.75 on April 30. The ordinary shares of Future Retail gained 2.5%, while CNX Nifty dipped 1% during the same period.
According to scheme of arrangement, the retail business of Future Retail will be demerged into Bharti Retail and the retail infrastructure business of Bharti will be demerged into Future Retail, Future Retail said in a statement.
In consideration of the de-merger of the retail business of Future Retail into Bharti Retail, Bharti Retail will issue 1 equity share to the equity/DVR shareholders of Future Retail for every 1 share/DVR held.
A DVR share is like an ordinary equity share, but it provides fewer voting rights to the shareholder. Companies generally compensate DVR investors with higher dividends.
Till 1020 hours, a combined 35,393 shares changed hands on the counter and there were pending buy orders for 575,236 shares on the NSE and BSE.
The stock is trading at its 52-week high and has zoomed 75% in the past four trading sessions from Rs 49.75 on April 30. The ordinary shares of Future Retail gained 2.5%, while CNX Nifty dipped 1% during the same period.
According to scheme of arrangement, the retail business of Future Retail will be demerged into Bharti Retail and the retail infrastructure business of Bharti will be demerged into Future Retail, Future Retail said in a statement.
In consideration of the de-merger of the retail business of Future Retail into Bharti Retail, Bharti Retail will issue 1 equity share to the equity/DVR shareholders of Future Retail for every 1 share/DVR held.
A DVR share is like an ordinary equity share, but it provides fewer voting rights to the shareholder. Companies generally compensate DVR investors with higher dividends.
Till 1020 hours, a combined 35,393 shares changed hands on the counter and there were pending buy orders for 575,236 shares on the NSE and BSE.
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →*Subscribe to Business Standard digital and get complimentary access to The New York Times
Smart Quarterly
₹900
3 Months
₹300/Month
SAVE 25%
Smart Essential
₹2,700
1 Year
₹225/Month
SAVE 46%
*Complimentary New York Times access for the 2nd year will be given after 12 months
Super Saver
₹3,900
2 Years
₹162/Month
Subscribe
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app
SAVE 25%