Raymond shares hit 52-week high; rally over 17%

New Delhi: Shares of Raymond rallied more than 17 per cent on Friday after the textile major said it will demerge the real estate business to unlock the value for shareholders and harness growth potential in the Indian property market.

The scrip of the company surged 17.30 per cent to trade at Rs 3,450.95 apiece on the BSE.

On the NSE, Raymond shares soared 16.83 per cent to trade at Rs 3,434.75 per piece.

In the intra-day trade, the stock of Raymond hit its 52-week high of Rs 3,480.35 and 3,484 on the BSE and NSE.

Meanwhile, the 30-share BSE Sensex benchmark declined 357.95 points or 0.45 per cent to 79,691.72. The broader Nifty fell 64.90 points or 0.27 per cent to 24,240.05.

On Thursday, textile major Raymond Ltd said it will demerge the real estate business to unlock the value for shareholders and harness growth potential in the Indian property market.

In a regulatory filing, the company informed its board has approved the scheme of arrangement of Raymond Ltd (demerged company) and Raymond Realty Ltd (resulting company) and their respective shareholders.

As per the scheme of arrangement, each Raymond Ltd shareholder will receive one share of Raymond Realty for every one share held in Raymond Ltd.

The standalone operational revenue of the real estate division stood at Rs 1,592.65 crore in the last fiscal, accounting for 24 per cent of the total revenue of Raymond Ltd.