New Delhi, Aug 29 (IANS) Following its merger with Bharti’s retail business, Future Retail got listed at Rs 153 on the Bombay Stock Exchange (BSE) on Monday.
The stock was listed in the exchange in the list of ‘T’ Group Securities.
“Trading members of the Exchange are hereby informed that effective from August 29, 2016, the equity shares of Future Retail Ltd are listed and admitted to dealings on the Exchange in the list of ‘T’ Group Securities,” the company said in a regulatory filing.
At 11.35 a.m., the scrip was trading at Rs 160.65 per share, up by 5 per cent. Under the scheme of arrangement, the company was segregated into Future Enterprise, which took the responsibility of the backend business and Bharti Retail, which takes care of the frontend business.
In May last year, the Future group approved the consolidation and realignment of its retail operations with Bharti Retail Ltd to form one of the biggest supermarket chains.
In order to streamline the operations resulting from the consolidation, the respective board of directors had proposed to demerge the retail business of Future Retail to Bharti Retail and to demerge the infrastructure business of Bharti Retail to Future Retail.