REI Agro relists on BSE post demerger; stock down 49%

MUMBAI: Shares of REI Agro were trading 49 per cent lower after the scrip was relisted on the Bombay Stock Exchange on Tuesday, following its demerger.

The retail business of REI Agro was demerged into REI Six Ten Retail Limited and the resulting company issued 9 equity shares of Rs 10 each for every 20 equity shares of Rs.10 each held in REI Agro.

On demerger, the equity shares capital of the company were reduced by cancelling a sum of Rs 4 from each of the equity shares of Rs 10 and thereafter five such equity shares of Rs 6 were consolidated into three fully paid up equity share of Rs.10 each.

The issued, subscribed and paid-up equity capital of the company post scheme of arrangement amounted to Rs 2890.30 lakh consisting of 2,89,03,037 equity shares of the face value of Rs 10, each fully paid up. Before the scheme of arrangement, it was Rs 4817.17 lakh consisting of 4,81,71,730 equity shares of face value of Rs 10.

At 1 pm, the REI Agro stock was trading 49.21 per cent lower at Rs 485.