Shares of Future Retail lost 87.45% to Rs 19 at 11:26 IST on BSE after the demerger of its retail business undertaking.
Meanwhile, the BSE Sensex was down 48.55 points, or 0.19%, to 25,723.98
On BSE, so far 8.55 lakh shares were traded in the counter. The stock hit a high of Rs 21 and a low of Rs 19 so far during the day.
According to the scheme of arrangement, the retail business undertaking of Future Retail was demerged and vested in Bharti Retail (BRL) and the retail infrastructure undertaking was demerged from BRL and vested in Future Retail with effect from 31 October 2015 as a going concern.
According to the scheme of arrangement, one fully paid-up equity share of Rs 2 each of BRL would be allotted for every one fully paid-up share held in the company. The company has fixed 12 May 2016 as record date to identify eligible shareholders for receiving the shares of BRL. Future Retail will also be issuing optionally convertible debentures to the existing holders of the optionally convertible debentures of BRL, for the portion of debt transferred from BRL to the company.
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