A total of 1.19 crore shares of MVL changed hands at the BSE. Last year, the Delhi high court had approved the demerger of the real estate unit of Media Video into MVL Ltd. Under the scheme of arrangement, Smart Buildwell, a wholly owned subsidiary of Media Video and five other firms were merged with MVL. Shares of MVL were trading at Rs 89.68 a share at 1300 hrs.
Meanwhile, shares of GMR Ferro Alloys also got listed today at Rs 139.65 a share at the BSE after the company got demerged from its parent, GMR Industries. The shares touched an intraday low of Rs 81 a share. A total of 30.19 lakh shares changed hands at the BSE. Shares of GMR Ferro were trading at Rs 104.55 a share at 1300 hrs.
In April 2007, the Andhra Pradesh High Court had approved the scheme of arrangement to transfer the ferro alloys division of GMR Industries to GMR Ferro on a going concern basis. Under the scheme of arrangement, GMR Ferro has issued 38 shares for every 100 shares held in GMR Industries.