Restructuring plan drags CESC 15%, announces stock split
The company also announced stock split of equity shares from Rs 10 per share into 2 shares of Rs 5.
Shares of CESC slipped 15 percent on Thursday on the back of announcement of restructuring plan.
The company has announced restructuring scheme which includes amalgamation of CESC Infra, Spencer's Retail & Music World Retail with the company.
The company is going to list Haldia Energy, RP-SG Retail and RP-SG Business Process Services on the exchanges.
The equity shares of Haldia Energy, RP-SG Retail and RP-SG Business Process Services shall be listed on Calcutta Stock Exchange, BSE and Natioanl Stock Exchange of India post effectiveness of scheme.
The shareholders of the company will get shares in these listed companies in the same proportion as their holding in the company.
The company also announced stock split of equity shares from Rs 10 per share into 2 shares of Rs 5 and will demerge its business into 4 units, which includes generation business, IT & 2 retail business.
The company's Q4 (Jan-March) standalone net profit was up marginally at Rs 295 crore against Rs 293 crore, in the same quarter last year.
Revenue of the company rose 6.7 percent at Rs 1,572 crore versus Rs 1,473 crore.
The operating profit (EBITDA) was down 57 percent at Rs 204 crore and EBITDA margin was down at 13 percent.
Posted by Rakesh Patil