Raymond share price rose nearly 4 percent intraday on March 4 after the National Company Law Tribunal (NCLT) approval the company’s consolidation of FMCG business.
The Mumbai bench of NCLT sanctioned the scheme of amalgamation and arrangement between the company and its associate entities.
The approval will enable the company to consolidate its FMCG business under Raymond Consumer Care, leveraging the consolidated distribution network, streamline the operating structure and obtain benefits of economies of scale.
Ray Universal Trading Private Limited (RUTPL) will be converted into a public company renamed as Raymond Consumer Care.
At 1351 hours, Raymond was quoting at Rs 502.35, up Rs 8.10, or 1.64 percent, on the BSE.
The share touched its 52-week high of Rs 868.80 on May 28, 2019 and 52-week low of Rs 480.20 March 3, 2020.
The stock is trading 42.47 percent below its 52-week high and 4.09 percent above its 52-week low.
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