CESC Ventures, Spencer's Retail fall 5% on listing day

The two demerged entities of CESC fell up to 5% on their debut on bourses on Friday.

Jan 25, 2019 05:01 IST India Infoline News Service

Shares of CESC Ventures got listed at Rs545 and Spencer’s Retail was listed at Rs225 and on the NSE, after their demerger from CESC Ltd. The two demerged entities of CESC fell up to 5% on their debut on bourses on Friday.

These two companies are non-power businesses in the power generation and distribution major CESC. The company had taken NCLT approval under the Companies Act for the demerger of all businesses except power.

Effective Friday, January 25, 2019, the equity shares of CESC Ventures Limited shall be listed and admitted to dealings on the Bombay Stock Exchange in the list of T-Group of Securities.

Spencers Retail and CESC Ventures will be a part of the trade-for-trade segment for 10 trading days.

“Pursuant to the Composite Scheme of Arrangement amongst CESC Limited, 2 fully paid up equity shares of Rs10 each of CESC Ventures Limited shall be issued and allotted for every 10 fully paid up equity shares of Rs10 each held in CESC Limited,” as per a BSE filing.

Stock view:
CESC Ventures Ltd is currently trading at Rs520.60 down by Rs344.1 or 39.79% from its previous closing of Rs864.70 on the BSE. The scrip opened at Rs548 and has touched a high and low of Rs565 and Rs520.60 respectively.

Spencers Retail Ltd is currently trading at Rs212.80 down by Rs651.9 or 75.39% from its previous closing of Rs864.70 on the BSE. The scrip opened at Rs224 and has touched a high and low of Rs230 and Rs212.80 respectively.

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