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Shares of Future Retail have moved higher by 14% to Rs 132 on the National Stock Exchange (NSE) after its board approved the consolidation and realignment of retail operations of the company with Bharti Retail.
Under a composite scheme of arrangement between Future Retail (FRL) and Bharti Retail (BRL), the retail undertaking of FRL will demerge into BRL, and retail infrastructure undertaking of BRL into FRL. Both the companies to be renamed post demerger, Future Retail said in a statement.
Post demerger, FRL will have retail operating business and BRL will have business of retail infrastructure and investments, it added.
The stock opened at Rs 120 and touched high of Rs 137 on the NSE. The trading volumes on the counter jumped over 10-fold with a combined 9.48 million shares changed hands on the NSE and BSE till 1444 hours.
Under a composite scheme of arrangement between Future Retail (FRL) and Bharti Retail (BRL), the retail undertaking of FRL will demerge into BRL, and retail infrastructure undertaking of BRL into FRL. Both the companies to be renamed post demerger, Future Retail said in a statement.
Post demerger, FRL will have retail operating business and BRL will have business of retail infrastructure and investments, it added.
The stock opened at Rs 120 and touched high of Rs 137 on the NSE. The trading volumes on the counter jumped over 10-fold with a combined 9.48 million shares changed hands on the NSE and BSE till 1444 hours.
