Anant Raj Surges 17% To 52-Week High On Demerger Nod

Anant Raj shares surged nearly 17 per cent to hit fresh 52-week high of Rs 55 on Wednesday after its board decided to demerge its real estate and project divisions.

In a statement to Bombay Stock Exchange, the Delhi-based property developer said its board has approved the demerger of real estate division of Anant Raj Agencies into Tauras Promoters & Developers and subsequent amalgamation of remaining of Anant Raj Agencies with the company.

Anant Raj's board also gave its nod to demerge the project division of the company into Anant Raj Global. After the demerger, Anant Raj Global will be listed separately on both BSE and NSE.

The project division of Anant Raj had reported revenue of Rs 138 crore last fiscal, which is 32 per cent of the total revenue of the company.

The project division of Anant Raj executes several projects related to construction of IT parks, residential projects, township projects, SEZ and commercial projects.

Anant Raj said the demerger of real estate and projects divisions will streamline the holding structure of the company.

As of 10.58 a.m., Anant Raj shares traded 12.85 per cent higher at Rs 53.15 apiece compared to 0.22 per cent gains in the broader Nifty.

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