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2 min read Last Updated : Sep 03 2024 | 3:30 PM IST
Shares of Raymond gained 8.6 per cent to touch an intraday high of Rs 2180.85 on the BSE on Tuesday after the fabric and fashion retailer confirmed the news of the separate demerger and listings of its realty and lifestyle businesses.
As of 3:22 PM, shares of Raymond had risen 5.15 per cent or Rs 103.45 to Rs 2,111.4. The market capitalisation of the company at around the same time stood at Rs 14,063.7 crore.
“Raymond Limited has demerged its lifestyle business to Raymond Lifestyle Limited (RLL) through a Composite Scheme of Arrangement and as per the said Scheme shares of RLL are expected to be listed soon,” the company’s exchange filing read.
It added that the company’s board of directors has approved the scheme of arrangement for the demerger of its realty business to Raymond Realty Limited (RRL), and the demerged entity will be listed on stock exchanges. A timeline for its listing has not yet been disclosed by the company.
That apart, the demerger of the group’s lifestyle business was completed on June 30, 2024, the company said, while adding that Raymond Lifestyle’s listing is expected to happen in the second quarter of this year.
During the quarter that ended on June 30, 2023, a scheme of demerger for the lifestyle business of Raymond into Raymond Lifestyle was approved by the company’s board.
Once the demerger and listing of the three entities is completed, there will be three listed companies in the Raymond Group, that is Raymond, Raymond Lifestyle and Raymond Realty.
Raymond Q1FY25
Raymond reported a 26.7 per cent increase in consolidated net profit from continuing operations at Rs 57.04 crore in the first quarter ended June 2024. The company had posted a consolidated net profit of Rs 45.02 crore from continuing operations in the same quarter last fiscal, according to the company’s regulatory filings.
Revenue from continuing operations in the first quarter stood at Rs 937.65 crore, compared to Rs 473.37 crore in the year-ago period.
Raymond Ltd share price history
However, in the past one year, shares of Raymond have shed 0.78 per cent, compared to the BSE Sensex’s rise of 26.2 per cent during the year.
First Published: Sep 03 2024 | 3:20 PM IST
https://www.business-standard.com/markets/news/raymond-up-9-on-confirming-demerger-and-listing-of-lifestyle-realty-biz-124090300673_1.html
