Shares of Prozone Capital Shopping Centre, the demerged realty arm of clothing retail player Provogue, got listed on the exchanges on Wednesday.
The stock is currently quoting higher at Rs 27.30, after opening at Rs 26.
Provogue CSC is a joint venture between Provogue India and the UK FTSE 100 listed Capital Shopping Centres Plc. It was set up to create, develop and manage regional shopping centres and associated mixed use developments pan India including residential and office spaces.
The company had decided to delink the property portfolio from its retail business last year.
In Prozone CSC, promoters of Provogue hold 35.08 per cent. Total foreign shareholding is 35.73 per cent, which includes investment made by NRI (0.75 per cent), foreign bodies corporate (32.38 per cent) and FII (2.60 per cent).
Under the scheme of demerger, Provogue reduced its capital from face value of Rs 2 to Re 1. Shareholders of Provogue got equal shares of the demerged company Prozone Capital (that is, in the ratio of 1:1).
Shares of Provogue were trading 5.34 per cent lower at Rs 14.55 on the BSE at 11.30 a.m.