CESC shares crash after RP-Sanjiv Goenka group announces four-way split
By Selene 0
Kolkata: Shares of CESC Ltd crashed on Thursday after the RP-Sanjiv Goenka group announced a four-way split of its flagship firm.
After the split, there will be four entities — One for distribution, one for generation, one for retail and one for all other ventures. CESC Ltd will hold the distribution business while Spencer’s Retail will be under the retail entity.
CESC shares closed 15.15% lower at Rs829.80 on BSE, while the benchmark Sensex fell 0.73%.
Shares of all new entities will be listed.
In a regulatory filing, CESC said the purpose of the restructuring is to “unlock value for shareholders” and “further expansion of the businesses”.
First Published: Thu, May 18 2017. 07 53 PM IST