Shares of Raymond Lifestyle Ltd got listed on the stock exchanges on Thursday following the demerger of retail and lifestyle businesses.
The stock got listed at Rs 3,000 on the BSE. Later, it climbed 3.33 per cent to Rs 3,100 from its opening price.
At the NSE, shares of the firm began the trade at Rs 3,020.
However, the stock later hit the lower circuit level at Rs 2,850, down 5 per cent on the BSE.
At the NSE also, it hit the lower circuit limit of Rs 2,869, down 5 per cent.
The company’s market valuation stood at Rs 17,363.23 crore during the morning deals.In a release on Tuesday, the company said it will get listed on the stock exchanges on September 5.
Following the demerger of its retail and lifestyle businesses, Raymond will have two listed entities.
The company plans to add 900 new outlets over three years. The Raymond Group’s lifestyle business entity is eyeing a 15 per cent CAGR (Compound Annual Growth Rate) to attain around 7 per cent market share in the fast growing men’s-wear wedding market by 2027, the release said.
“The demerger aims at unlocking shareholder value by creating a focussed lifestyle business entity. Raymond Lifestyle will sharpen strategic focus in this fast-growing sector to become among the top three global fabric suppliers by the end of this year.
“The global scenario presents significant opportunities, particularly the challenges in China and Bangladesh and trade agreements with the UK, EU and Australia,” Raymond Group Chairman and Managing Director Gautam Singhania said.
