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Arvind rebounds 33% from day's low; stock trades ex-date for demerger

The stock was up 9% to Rs 120, bouncing back 33% from its early morning low of Rs 90.25 on BSE.

SI Reporter  |  Mumbai 

Arvind Limited, Arvind fashions limited,  branded apparel, retail, engineering, textiles, retail business, anup engineering

Shares of moved higher by 9% to Rs 120, bouncing back 33% from its early morning low of Rs 90 on on back of heavy volumes. The stock of Lalbhai Group’s flagship company has turned ex-for its branded apparels and engineering businesses.

At 12:15 pm, was trading 7.5% higher at Rs 118, after opening at Rs 110 on the BSE, as compared to a 0.72% rise in the S&P The trading volumes on the counter surged more than 19-fold with a combined 66.89 million equity shares changed hands on the and so far.

Arvind’s branded apparel undertaking and engineering undertaking transferred into Fashions and respectively. The company has fixed November 29, 2018, as the record date for determining the equity shareholders of Arvind for the purpose of allotment of equity shares of and

As per the notice, shareholders of will receive one fully paid up equity share of Rs 4 each for every 5 shares held in Arvind and Anveshan Heavy Engineering’s shareholders will be allotted one fully paid up equity share of Rs 10 each for every 27 shares held in Arvind.

The company said the will allow each business to have a sharper focus on developing their own aggressive growth models, on making their own capital allocation decisions and on incentivising their teams. This sharper focus will enable businesses to create long-term shareholder value.

First Published: Wed, November 28 2018. 11:14 IST