Spencer Retail lists on bourses

The shares of Spencer Retail listed on the bourses on Friday following the demerger of CESC. The listing comes after the restructuring of CESC and seven other subsidiaries of RPS-Goenka Group companies. 

The company's board had approved a restructuring program in May 2017. The restructuring aims to simplify the company's corporate structure, enhance efficiencies and unlock shareholders’ value. CESC Limited is split into four entities focusing on four sector power generation, power distribution, organized retail and other ventures. Three of the four entities will be listed on the stock exchanges. 

Spencer Retail and CESC Ventures opened for trade on Friday. At first trade, Spencers Retail Limited was at Rs. 215.00 per share, down by Rs. 9.00 or 4.02 per cent and CESC Ventures Limited was at Rs. 522.00 per share, down by Rs. 26.00 or 4.74 per cent on BSE. While CESC Limited was at Rs. 688.60, up by Rs. 3.15 or 0.46 per cent on BSE.

Spencer Retail is an organised food-based multi-format retailer. The company registered operating revenues of Rs. 2,073 core in FY18, with 146 stores in 36 cities. It operates ~1.3 mn sq. ft. retail business area. The company has a strong presence in north, south, eastern states.

CESC is a Kolkata-based integrated power generation company of the RP-Sanjiv Goenka Group. The reported operating revenue of Rs. 16,161 crore in FY18. CESC Ventures will take care of BPO, FMCG and real estate businesses of erstwhile CESC. Spencers Retail and CESC Ventures are placed under trade-for-trade segment for the next 10 trading days.