Mandhana Industries shares were locked in lower circuit of 20 per cent at Rs 178.05 on Tuesday after the company while assuring investors said it is in the process of demerging its current retail business.
The scrip opened at Rs 178.05 and has touched a high and low of Rs 178.05 and Rs 178.05, respectively, in trade so far. Sensex ws trading 50.60 points down at 26,816.32 at 3.19 pm.
Th company further said, “it has already received the approval to its scheme of demerger of the retail business from the High Court vide order dated March 29, 2016. Pursuant to the said order, the company is in the process of demerging its current retail business into the Resulting Company, Mandhana Retail Ventures Limited (MRVL). All current and future retail businesses of Mandhana Industries Ltd will henceforth be carried out in the Resulting Company.”
Mandhana Retail Ventures Limited is in the process of signing a new contract with the Being Human – The Salman Khan Foundation, the specifics of which are under negotiation with them.
In April this year, Being Human Clothing, which was operating as a retail division of Mandhana Industries, demerged from the company to form Mandhana Retail Ventures (MRVL).
MRVL will manufacture, retail and distribute the brand. Being Human was operating as a retail division of Mandhana Industries from 2012 to 2016.