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Raymond shares zoom 20 pc after business rejig

Press Trust of India  |  New Delhi 

Shares of Raymond on Friday zoomed 20 per cent after the company announced hiving off the consumer and lifestyle businesses into a separate entity.

The scrip rallied 19.99 per cent to close at Rs 808.40 on the BSE.

On the National Stock Exchange, it jumped 19.99 per cent to close at Rs 808.

In terms of traded volume, 5.60 lakh shares of the company were traded on the BSE and over 84 lakh shares on the NSE during the day.

In a major rejig, textile player Raymond on Thursday announced hiving off the consumer and lifestyle businesses into a separate entity that will be publicly traded valued at around USD 1 billion.

Chairman and Managing Director Gautam Singhania expects return on capital from the new company will be almost three times the peers.

He also said the new company will be listed and the existing shareholders of residual Raymond will get the shares of the new company on a 1:1 basis.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Fri, November 08 2019. 17:25 IST
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