Shares of Arvind Fashions, the branded apparel segment of Arvind Limited, listed at a price of Rs 591.75 on Bombay Stock Exchange. Later, Arvind Fashions share price rose 5% over its listed price to trade at Rs 621.30 and got locked in the upper circuit.
Turnover of the share stood at Rs 62.89 lakh with 10,000 shares changing hands on the BSE.
Currently, there were only bids for the Arvind Fashions share, no offers.
In October 2018, Arvind Ltd got NCLT's approval for demerging branded apparel and engineering businesses into separate entities, which were to become effective from the second half of November.
After this approval from the Ahmedabad bench of NCLT, the branded apparel business and engineering business of Arvind Ltd demerged into Arvind Fashions and Anveshan Heavy engineering.
The textile company demerged its business into Arvind Fashion Ltd (AFL) and Anveshan Heavy Engineering Limited (AHEL) on November 29.
All equity shareholders of the firm were entitled for allotment of (One) fully paid up equity share of Rs 4 each of AFL for every Rs 5 equity shares of Rs 10 each held in Arvind ; and 1 fully paid up equity share of Rs 10 each of AHEL for every 27 equity shares of INR 10 (Indian Rupees Ten) each held in Arvind.
Arvind's branded apparels business comprises licensed international brands such as Tommy Hilfiger, Calvin Klein and US Polo Association.
Arvind Ltd's principal products/services are finished fabrics and garments. Its segments are textiles; brands and retail; real estate, and others. The textiles segment includes fabric, yarn and garments. The brands and retail segment includes retailing of branded garments, apparels and fabrics. The real estate segment includes real estate development.
The others segment includes electronics, technical textile, construction, e-commerce and project activity. It also manufactures cotton shirting, denim, knits and bottom weights (Khakis) fabrics, and jeans and shirts garments.