Shares of Anant Raj rose more than 17 per cent on Wednesday after the company approved the demerger of real estate division and project division.
The board also approved demerger of project division of the company into Anant Raj Global.
"The board of directors, on July 19, has approved the composite scheme of arrangement, comprising demerger of real estate division of Anant Raj Agencies Private Limited into Tauras Promoters & Developers Private Limited and subsequent amalgamation of remaining ARAPL with the company," the national capital region-based real estate company said in its filing.
While, Anant Raj will list its wholly owned subsidiary Anant Raj Global on Bombay Stock Exchange & National Stock Exchange.
Shares of the company were seen trading at Rs 55.20, higher by 17.32 per cent on BSE at 1.42 pm IST. It touched an intra-day high and 52-week high of Rs 55.30.