GHCL Textiles shares list at Rs 72 apiece after demerger from GHCL

GHCL Textiles shares got listed on the stock exchange today, June 12, 2023, at Rs 72 apiece. According to Zee Business Research, the fair value of the stock is Rs 75.

At the time of filing this report, the shares of GHCL Textiles were trading 5 per cent lower on the BSE at Rs 71.25 apiece, whereas, on the NSE, the stock was trading 2.85 per cent lower at Rs 69.95 apiece.

GHCL Textiles, the spinning business of chemical major GHCL, was demerged in April, according to the regulatory filing.

On June 9, in its regulatory filing, GHCL said, "This is in continuation to our earlier letter dated June 02, 2023, wherein the company had informed that BSE and NSE had granted in-principle approval in relation to the listing of its equity shares vide letters dated May 12, 2023, and May 19, 2023, respectively, and the Securities and Exchange Board of India ('SEBI') has granted an exemption from the applicability of Rule 19(2)(b) of the Securities Contracts (Regulation) Rules, 1957 vide its letter no. SEBl/HO/CFD/DCR/RAC-2/P/OW/2023/22135/1 dated May 30, 2023, in relation to the listing of the equity shares of the company."

Further, "we would like to inform you that BSE, vide Notice No. 20230608-15 dated June 8, 2023, and NSE vide Circular Ref No. 0705/2023 dated June 8, 2023, respectively, have informed you that effective from Monday, June 12, 2023, the equity shares of the company shall be listed and admitted to dealings on BSE and NSE," the filing added.

The listing date for shares of GHCL Textiles was June 12.

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