RAYMOND SHARES SOAR ON REAL ESTATE ARM DEMERGER

Raymond's demergerof itsreal estate armis seen as a move to unlock the potential of the group>sreal estate business

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Shares of Raymond hit a life high on Friday, a day after the Group announced the vertical demerger of its real estate business into its wholly owned subsidiary, Raymond Realty Ltd (RRL). The Board of Raymond Limited announced on Thursday that Raymond Limited and Raymond Realty Limited (RRL) will operate as separate listed entities, a company statement said. The shares of Raymond surged around 10 per cent to Rs 3236 per share as the stock markets opened this morning. For the share market, the company stated on Thursday that the new entity will seek automatic listing on stock exchanges. According to the scheme of arrangement, each Raymond Ltd (RL) shareholder will receive one share of RRL for every one share held in Raymond Ltd. Raymond’s demerger of its real estate arm is seen as a move to unlock the potential of the group’s real estate business. “The demerger aligns with