Future Retail has dipped 13% to Rs 127 on NSE after the stock turn ex-scheme of arrangement today.
The country’s largest retailer demerged its fashion business and set up the new company- Future Lifestyle Fashions Limited (FLFL), which will have a portfolio of over two dozen fashion and lifestyle brands.
Future Retail has fixed record date as June 24, 2013 for determining share entitlement to shareholders of the company.
The shareholders of FLFL will receive 1 fully paid equity and Class B (Series-1) share of Rs 2 each for every 3 equity shares of Rs 2 each held in the Future Retail.
Future Retail stock opened at Rs 132 and hit a low of Rs 125 on NSE. A combined 2.69 million shares have changed hands on the counter in early morning deals on NSE and BSE.
The country’s largest retailer demerged its fashion business and set up the new company- Future Lifestyle Fashions Limited (FLFL), which will have a portfolio of over two dozen fashion and lifestyle brands.
Future Retail has fixed record date as June 24, 2013 for determining share entitlement to shareholders of the company.
The shareholders of FLFL will receive 1 fully paid equity and Class B (Series-1) share of Rs 2 each for every 3 equity shares of Rs 2 each held in the Future Retail.
Future Retail stock opened at Rs 132 and hit a low of Rs 125 on NSE. A combined 2.69 million shares have changed hands on the counter in early morning deals on NSE and BSE.
