Shares of Raymond Lifestyle Ltd made their Dalal Street debut today, that is, Thursday, September 5. The demerged entity from the Raymond Ltd was listed at Rs 3,020 on NSE, while it kicked off its trading at Rs 3,000 on BSE, with a total market capitalization more than to Rs 18,200 crore.
Raymond Lifestyle is the new listed entity, which includes the retail and lifestyle division of Raymond. The listing marks the latest progress towards the scheme of arrangement announced by Raymond, in which it plans to eventually have three separate listed businesses.
Following the listing, shares of Raymond Lifestyle were trading at Rs 2,850, falling 5 per cent for the day, hitting the lower circuit. Similarly, the parent company, Raymond, inched up maringally to Rs 2,110 at the opening tick.
Raymond Lifestyle was spun off from the parent Raymond in July and the stock has been trading ex-lifestyle business since then. The listing of the lifestyle business now, as a separate entity, is expected to unlock shareholder value.
"Trading members of the exchange are hereby informed that effective from September 05, 2024, the equity shares of Raymond Lifestyle Ltd (Scrip Code: 544240) are listed and admitted to dealings on the Exchange in the list of 'T' Group Securities. For further details please refer to the notice no. 20240903-15 dated September 03, 2024," a statement on BSE read.
The stock has been listed in the 'T' Group, which means that intraday buying and selling is not permitted in the scrip. One has to take delivery of shares in order to sell the stock. Similarly, the circuit filter for the counter will remain at 5 per cent for the initial 10-trading session of the newly-listed company.
After the Raymond Lifestyle listing, there are now two listed companies from the Raymond group. The Raymond board had on July 4 also approved the scheme of arrangement for demerger of real estate business to Raymond Realty. The demerged entity will be listed on stock exchanges post obtaining necessary statutory/ regulatory approvals.