Arvind Falls Sharply To 52-Week Low In Ex-Demerger Trade

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    Arvind after turning ex-date for demerger has fell sharply in trade today by as much as 71% making a 52-week low of Rs. 90.25. The stock has split into two separate entities Arvind Fashions (AFL) and Anveshan Heavy Engineering (AHEL).

    Arvind Falls Sharply To 52-Week Low In Ex-Demerger Trade
     

    Shareholders will get one fully paid-up equity share of ₹4 each of AFL for every five shares held in Arvind, and one share of ₹10 each of AHEL for every 27 shares. Shares of the demerged entities are expected to be listed in January.

    Last year in November, the company announced demerger of branded apparel and engineering businesses into separate entities that would see stock market debt in 2019.
    After demerger, Arvind will have the textiles business (denim, fabric and garments), advanced material (AMD) and other businesses.

    Arvind Fashions will be catering to the brand & retail and will be the holding company for all companies while the engineering segment will be handled by Anup Engineering.

    In October 2018, the National Company Law Tribunal had sanctioned the Composite Scheme of Arrangement amongst Arvind Limited and Arvind Fashions Limited and Anveshan Heavy Engineering Limited and The Anup Engineering Limited and their respective shareholders and creditors.

    The demerger aims to better service the core textile business of the concern.

    The stock of Arvind Ltd. was last quoting down by over 65% at Rs. 108.31 on the BSE.

    Goodreturns.in

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