Arvind Fashions hits 5% upper circuit; stock lists at Rs 592

Shares of Arvind Fashions locked in upper circuit of 5 per cent at Rs 621 apiece on the BSE on Friday. The stock of Lalbhai Group’s company opened at Rs 592 on first day of its listing.
The stock listed and admitted to dealings on the Exchange in the list of 'T' group securities. The T group represents scrips which are settled on a trade-to-trade basis as a surveillance measure.

Till 10:25 am, a combined 16,039 equity shares changed hands on the BSE and NSE. There were pending buy orders for 8.67 million equity shares on both the exchanges.

Arvind Fashions is the demerged entity of the flagship denim maker Arvind. Arvind’s branded apparel undertaking and engineering undertaking transferred into Arvind Fashions and Anup Engineering (formerly Anveshan Heavy Engineering) respectively. Shares of Anup Engineering were listed on March 1.

As per the notice, shareholders of Arvind Fashions got one fully paid up equity share of Rs 4 each for every 5 shares held in Arvind and Anveshan Heavy Engineering’s shareholders got one fully paid up equity share of Rs 10 each for every 27 shares held in Arvind.

Arvind's branded apparels business comprises licensed international brands such as Tommy Hilfiger, Calvin Klein and US Polo Association.

Arvind had said the demerger will allow each business to have a sharper focus on developing their own aggressive growth models, on making their own capital allocation decisions and on incentivising their teams. This sharper focus will enable businesses to create long-term shareholder value.

Bombay Stock Exchange - BSE

National Stock Exchange of India Ltd (NSE)