Moneycontrol Bureau
Shares of Arvind Infrastructure, the subsidiary of textile and apparel maker Arvind, fell drastically on the day of debut. The stock listed at Rs 56.05, down 75 percent compared to previous closing price of Rs 224.05 (the price derived post demerger from Arvind).
It was trading at Rs 53.25 on the National Stock Exchange, at 13 hours IST while Arvind was trading at Rs 258, down Rs 5.80, or 2.20 percent.
Arvind shareholders received one share of Arvind Infrastructure for every 10 shares held
Arvind Infra is going to enter into real estate development business with JV partners.
Promoter and promoter group have 43.76 percent shareholding in the company as of June 2015. LIC is the biggest (public) shareholder in the company with 6 percent stake followed by Multiples Private Equity FII I (3.12 percent stake), Government Pension Fund Global (2.15 percent), Dimensional Emerging Markets Value Fund (1.49 percent), Multiples Private Equity Fund (1.06 percent) and Sundaram Mutual Fund (1.05 percent).Posted by Sunil Shankar Matkar
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