Praxis Home Retail locked at 5% lower circuit on debut

The stock locked in 5% lower circuit at Rs 285 on BSE, falling 9.5% from its early morning high of Rs 315

Praxis Home Retail was locked in 5% lower circuit at Rs 285 on BSE, falling 9.5% from its early morning high on listing day. The stock opened at Rs 300 and touched high of Rs 315 after few minutes of its debut on the bourses.

Till 11:46 AM; a combined 3,660 equity shares changed hands and there were pending sell orders for 18,259 shares on NSE and BSE.

The stock trading under ‘T’ group, under which stocks are settled on a trade-to-trade basis and no netting off will be allowed as a surveillance measure.

Pursuant to the composite scheme of arrangement between Future Retail (FRL), Bluerock Eservices Private Limited (BSPL) and Praxis Home Retail Private Limited (PHRL) & their respective shareholders, the Home Retail Business Undertaking of FRL has been transferred to and vested in PHRL and in consideration thereof, PHRL issued its equity shares to the shareholders of FRL in the ratio of 1 (one) equity shares of Rs 5 each for every 20 (Twenty) equity shares of Rs 2 each held in FRL as on record date.

The scheme also comprises of demerger of e-commerce Home Retail Business Undertaking of BEPL with PHRL with effect from the appointed date of August 1, 2017 and in consideration thereof, PHRL issued 6,30,000 9 % Non-Cumulative Redeemable Preference Shares (NCRPS) of Rs 100 each to the existing shareholders of BSPL.