CESC Recovers From Thursday’s Slump, Stock Zooms 6%


CESC recovered from its Thursday’s lows, soaring over 6.5% on the NSE at around 1010 hours. The stocks had witnessed a huge slump during Thursday’s trading session as the company had announced restructuring plans.

CESC said that its board announced a restructuring scheme. The scheme includes an amalgamation of CESC Infrastructure, Spencers Retail and Music World Retail with CESC.

The scheme also includes demerger of power generation undertaking to Haldia Energy; demerger of the retail undertaking I (as defined in the scheme) of the company and retail undertaking 2 (as defined in the scheme) of Spencers Retail to RP-SG Retail. Further, the scheme includes demerger of IT undertaking of the company to RP-SG Business Process Services.

The scheme includes an amalgamation of Spen Liq with RP-SG Business Process Services. The scheme also includes an amalgamation of New Rising Promoters with Crescent Power.

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