)
Shares of Arvind have rallied 7.6% to Rs 241 on the NSE in an otherwise weak market after the stock turned ex-demerger today.
The stock opened at Rs 225 and touched a low of Rs 222 on the NSE. The trading volumes on the counter nearly doubled, with a combined 7.09 million shares changing hands on the NSE and BSE.
Textile and apparel maker Arvind last year announced the demerger and transfer of its real estate business to subsidiary Arvind Infrastructure.
The board of directors of Arvind has fixed May 29, 2015 as the record date for determining the entitlement of shareholders of Arvind, the transferor company, to receive the equity shares of Arvind Infrastructure Limited.
Arvind Infrastructure will issue and allot 1 (one) equity share of Rs 10 each for every 10 (ten) equity shares of Rs 10 each held by the shareholders of Arvind.
Meanwhile, Arvind said that the company will launch first Gap store on May 30th, 2015. This will be the first of several stores to open within the first year.
Gap is a popular American apparel brand. It has partnered with Arvind Lifestyle Brand Ltd, a unit of textile manufacturer Arvind Ltd to come to India.
At 1259 hours, the stock was up 6% at Rs 237 on the NSE.
The stock opened at Rs 225 and touched a low of Rs 222 on the NSE. The trading volumes on the counter nearly doubled, with a combined 7.09 million shares changing hands on the NSE and BSE.
Textile and apparel maker Arvind last year announced the demerger and transfer of its real estate business to subsidiary Arvind Infrastructure.
The board of directors of Arvind has fixed May 29, 2015 as the record date for determining the entitlement of shareholders of Arvind, the transferor company, to receive the equity shares of Arvind Infrastructure Limited.
Arvind Infrastructure will issue and allot 1 (one) equity share of Rs 10 each for every 10 (ten) equity shares of Rs 10 each held by the shareholders of Arvind.
Meanwhile, Arvind said that the company will launch first Gap store on May 30th, 2015. This will be the first of several stores to open within the first year.
Gap is a popular American apparel brand. It has partnered with Arvind Lifestyle Brand Ltd, a unit of textile manufacturer Arvind Ltd to come to India.
At 1259 hours, the stock was up 6% at Rs 237 on the NSE.
