Mumbai: Brokerage firm Indiabulls Securities Ltd on Wednesday got listed at Rs300 on the Bombay Stock Exchange pursuant to its demerger from the domestic financial services major Indiabulls Financial Services (IBFSL).
The scrip opened at Rs300, which was also its intra-day high, and touched a low of Rs110 on the BSE.
On the National Stock Exchange, the scrip opened at Rs250 and later slipped to touch a low of Rs100.20.
Indiabulls Securities listed over 25.34 crore shares on the bourses.
The stock was later trading at Rs128.80 on the BSE and at Rs127.75 on NSE at 1017 hrs.
Over 65.55 lakh shares changed hands on both the bourses.
IBFSL had last year decided to spin off the securities business into a separate company.
Under the scheme of arrangement, the shareholders got one share of the new company for each share held in IBFSL.
Indiabulls had started its operations primarily as a brokerage firm but since then has announced expanding portfolio to businesses like consumer finance, insurance, asset management and realty.
Previously, IBFSL had spun off its realty business into Indiabulls Real Estate, which was listed on the Bombay Stock Exchange on 23 March 2007.