Spencers Retail, CESC Ventures shares dive on stock market debut; hit lower circuits

By: | Published: January 25, 2019 1:55 PM

RP Sanjiv Goenka group's demerged companies from its flagship firm CESC, into Spencers Retail and CESC Ventures, made lukewarm debuts on bourses Friday.

Shares of the retail business, Spencers Retail, hit a lower circuit of Rs 212.80 on BSE after listing at Rs 230.

RP Sanjiv Goenka group’s demerged companies from its flagship firm CESC, into Spencers Retail and CESC Ventures, made lukewarm debuts on bourses Friday. Both Spencers Retail and CESC Ventures hit their lower circuits in the first half of the trading session.

Shares of the retail business, Spencers Retail, hit a lower circuit of Rs 212.80 on BSE after listing at Rs 230. While, on NSE, the stock was down at Rs 213.75 after opening at Rs 225. CESC Ventures was listed at Rs 545, but hit the day’s low of Rs 517.75 on NSE. On BSE, the stock was listed at Rs 548 and was down to Rs 520.60, hitting the lower circuit of the day.

In contrast, CESC was at Rs 690.10 at the time of filing the story, up by Rs 4.65 a share over previous close. Spencers Retail and CESC Ventures are non-power businesses of the power-generation and distribution major CESC.

CESC shareholders, who had 10 shares, received six shares of Spencers Retail of face value of Rs 5 each under the scheme of arrangement. While rest of the non-power businesses of CESC such as BPO, real estate and FMCG will be under CESC Ventures, and shareholders received two shares of Rs 10 each.

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