Arvind Fashions, the branded apparel arm of Arvind Limited, made its debut on Friday at the stock exchanges. It was listed at Rs 590.65 on NSE and at Rs 591.75 on BSE. These shares, that were recently carved out of its parent company after restructuring, hit an upper circuit after a 5 percent gain from the discovery price.
Arvind Fashions is involved in licensed retail selling of brands like Calvin Klein, Tommy Hilfiger, GAP, with US Polo Association being its largest brand. It also has three clothing retail chains, namely, the Arvind Store, Unlimited and Megamart.
It was decided in November 2017 that it will be demerged from its parent Arvind Ltd to separate it from the engineering business and impart "greater focus." Shareholders of Arvind Ltd got one share of Arvind Fashions for every 5 shares held. Its engineering arm, Anup engineering was listed on the markets on 1 March.
Arvind Fashions has been listed on the stock exchanges in the 'T' group securities, which represent scrips that are settled on a trade-to-trade basis for surveillance reasons.