There is a new listing on the bourses today – Anup Engineering. This is not through an IPO but the demerged arm of Arvind. It got listed on the BSE at Rs.451.60 and is currently going pretty strong at Rs.474.15, up 5%, its UC.
Arvind re-organised its business wherein it demerged its branded retail and small engineering business into three entities – Arvind, Arvind Fashions and Anup Engineering, formerly known as formerly Anveshan Heavy Engineering.
Anup Engineering manufactures critical process equipment for several core industries.
In this scheme, for every 27 shares held of Arvind, shareholders were allotted one share each of Anup.