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RP Sanjiv Goenka’s CESC splits into four companies

The RP-Sanjiv Goenka Group flagship, CESC Ltd demerged its businesses into four different companies — power generation, electricity distribution, retail (Spencer’s Retail) and other ventures. The new entities are to be listed by October 1. The Kolkata-headquartered CESC reported a consolidated turnover of 󌡒,202 crore and a net profit of � crore in FY17. Post announcement of the restructuring, CESC shares tanked 15.10 per cent to close at �.80 crore on Thursday at the BSE.“It is a mirror image demerger, meaning shareholders of CESC will get proportionate shares in all four companies,” Sanjiv Goenka, Group Chairman, said. Currently, CESC has a promoter holding of 49.92 per cent and the rest is held by public.After the r.....

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