Shares of Arvind Fashions, the branded apparel segment of Arvind Limited, started off the first trade at Rs 590.95 on the National Stock Exchange Friday.
The exchange informed that effective from March 8, the equity shares of Arvind Fashions admitted to dealings in the list of T Group securities.
At 10:02 hours IST, the stock was trading at Rs 620.45, up 99.5 percent on the NSE while on the BSE, it was quoting at Rs 621.30.
In October 2018, National Company Law Tribunal sanctioned the Composite Scheme of Arrangement amongst Arvind Limited and Arvind Fashions Limited and Anveshan Heavy Engineering Limited and The Anup Engineering Limited and their respective shareholders and creditors.
As per the scheme of arrangement, branded apparel business of Arvind Limited transferred to Arvind Fashions, engineering business to Anveshan Heavy Engineering Limited. Anup Engineering merged with Anveshan Heavy Engineering Limited.
In December 2018, Arvind Fashions issued its one share of Rs 4 each to Arvind Limited's shareholders for five shares of Rs 10 each held.
Anveshan Heavy Engineering Limited alloted its one share of Rs 10 each to Arvind Limited's shareholders for every 27 shares of Rs 10 each held.
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