Moneycontrol Bureau
Brigade Enterprises shares rallied more than 18 percent intraday Friday after it decided to demerge its hospitality business into separate entity.
"The board of directors of the company today has approved in-principle the hiving off of hospitality business into a wholly owned subsidiary," says the Bangalore-based real estate company in its filing.
This demerger is subject to approval of shareholders and other regulatory approvals.
The company says modalities of the same will be worked out and intimated to the exchanges and stakeholders in due course.
At 15:23 hours IST, the scrip of Brigade Enterprises was quoting at Rs 180.40, up Rs 22.65, or 14.36 percent amid high volumes on BSE.Posted by Sunil Shankar Matkar
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