There is a new listing today and no, its not via an IPO. DRC Systems got listed on the BSE at Rs.128.75 and is currently trading at its intraday high of Rs.135.15, hitting the 5% UC of the day.
This company was formed through a scheme of arrangement with Infibeam Avenues. In Nov’20, Infibeam received an approval from the NCLT to demerge its theme park & events business to DRC Systems.
Post this, shareholders of Infibeam got one equity share of Rs 10 each of DRC as fully paid-up for every 412 equity shares of Re.1each.
DRC provides a vast range of customised IT solutions and consultancy services to clients in India and abroad.