Tepid listing: Spencer's Retail, CESC Ventures drop up to 5% on debut
CESC had taken NCLT nod under for the demerger of all businesses except power.
By ETMarkets.com | Updated:
NEW DELHI: Shares of Spencer's Retail and CESC Ventures, the two demerged entities of CESC, fell up to 5 per cent on their debut on bourses on Friday.
While Spencer’s Retail fell 5 per cent to Rs 212.80 over the opening price of Rs 224 on the BSE, CESC Ventures was ruling at Rs 531, down 3.1 per cent, in the early session. The two companies were non-power businesses in the power generation and distribution major CESC.
CESC had taken NCLT approval under the Companies Act for the demerger of all businesses except power.
Spencer's will come under retail while the rest of the businesses of CESC except power such as BPO, real estate and FMCG will be under CESC Ventures, PTI reported.
CESC's distribution and generation demerger will remain pending until the WBERC gives green nod is available, the report added.
While Spencer’s Retail fell 5 per cent to Rs 212.80 over the opening price of Rs 224 on the BSE, CESC Ventures was ruling at Rs 531, down 3.1 per cent, in the early session. The two companies were non-power businesses in the power generation and distribution major CESC.
CESC had taken NCLT approval under the Companies Act for the demerger of all businesses except power.
Spencer's will come under retail while the rest of the businesses of CESC except power such as BPO, real estate and FMCG will be under CESC Ventures, PTI reported.
CESC's distribution and generation demerger will remain pending until the WBERC gives green nod is available, the report added.
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