Allcargo Logistics opened today at Rs.373.85, opened at Rs.381, going on to hit a new 52-week high at Rs.399. Volumes at up almost 3-times.
The stock is up after the company yesterday approved the demerger of its container freight station/inland container depot (CFS/ICD) business into Allcargo Terminals Ltd and the equipment rental, Grade A warehousing, logistics parks and other real estate assets into TransIndia Realty & Logistics Parks Ltd (TransIndia).
Under the scheme of demerger, all three companies will have mirror shareholding, resulting in no change in entitlement of shareholders for each entity.
After the demerger, shareholders will get 1 share each of Allcargo Terminals and TransIndia Realty & Logistics Parks for every 1 share held of Allcargo Logistics. The 1:1 ratio will avoid fractional allotment and benefit all shareholders.