Raymond Demerger Record Date: Domestic benchmark indices will soon see a fresh listing from the Raymond Group as the flagship company last week announced the demerger of its real estate business. Buoyed by the news, shares of the apparels company skyrocketed over 17 per cent to their 52-week high of Rs 3484 on Friday.
The roaring rally in Raymond shares came the day after the company on Thursday announced the vertical demerger of its real estate business into its wholly owned subsidiary – Raymond Realty Limited (RRL). This company will soon be listed on the stock exchanges.
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Raymond Demerger News
Upon completion of this demerger, Raymond and Raymond Realty (RRL) will operate as separate listed entities within the Raymond Group post all statutory approvals. “The new entity will seek automatic listing on stock exchanges,” the apparels giant said in an exchange filing.
Once the demerger scheme comes into effect, Raymond Realty will issue as many as 6,65,73,731 equity shares having face value of Rs 10 each to the equity shareholders of Raymond.
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Raymond Demerger Share Ratio
As part of the scheme of arrangement, every shareholder of Raymond will be given 1 share of the new entity – RRL – for every 1 share held in the parent company. This means that is a shareholder owns 10 shares of Raymond as on the record date of the demerger, they will be given 1 share of Raymond Realty.
Raymond MD Gautam Hari Singhania said that this strategy to demerge the Real Estate business into a separate company that will be listed through automatic route is another step to enhance the shareholder value. “The existing shareholders of Raymond Limited will get the shares in the new listed Real Estate company in a ratio of 1:1,” he added.
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Raymond Demerger Record Date
Shares of Raymond Limited will trade ex-date for the proposed demerger in the coming week. As per the data available on BSE, the ex-date for the spin off is Thursday, July 11, 2024.
Raymond Realty Financials
The soon-to-be-listed entity recorded around Rs 1,600 crore in sales in the financial year 2024. The standalone operational revenue of the real estate division stood at Rs 1,592 crore in the last fiscal, accounting for 24 per cent of the total revenue of Raymond Ltd.
