Raymond Lifestyle share lists at ₹3,000 on BSE; debuts at 99% over base price
Post listing, shares of Raymond Lifestyle, the demerged entity of Raymond group, dropped 5% to hit its lower circuit limit of ₹2,850 on the BSE.
Post listing, shares of Raymond Lifestyle, the demerged entity of Raymond group, dropped 5% to hit its lower circuit limit of ₹2,850 on the BSE.
On Friday, Raymond shares rallied 18.3% to hit a fresh record high of ₹3,480.35 on the BSE, after it announced the demerger of its real estate business.
Each Raymond shareholder will receive 1 share of Raymond Realty for every 1 share held in Raymond.
The acquisition is a "strategic move" that’ll strengthen Raymond’s existing engineering business and will help it foray into aerospace, EV and defence
The consolidated net debt reduced by ₹399 crore to ₹689 crore as of March 31, 2023, as compared to ₹1,088 crore as on March 31, 2022.
The cash deal is expected to be completed by May 10, 2023. The Singhania family-backed Raymond group had been looking to divest its consumer care business for over two years.
Earlier this month, Godrej Consumer announced an investment of ₹100 crore in Early Spring, a new early-stage fund being set up by Spring Marketing Capital.
Raymond has reset close to ₹700 crore of costs in order to bring the business back in line.
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