Mumbai:(IANS) Stocks of Future Retail Limited (FRL) hit record high after the retail major on Thursday said its board has approved the segregation of its home retail business into Praxis Home Retail (PHRPL) through demerger.

The home retail business of the company was operated through HomeTown stores.

The scrip of the retail major touched a new 52-week high of Rs 312.85 per share on the Bombay Stock Exchange during the day’s trade. It closed at Rs 306.20 — up Rs 13.35 or 4.56 per cent — from its previous close of Rs 292.85 per share.

The company informed the BSE that it will further seek the listing of PHRPL.

“The equity shares of PHRPL to be issued to the shareholders of FRL pursuant to the scheme shall be listed on the stock exchanges viz. BSE and NSE (subject to listing permission being granted by the stock exchanges),” the company said in a filing to the BSE.

“The scheme would be subject to approval of the National Company Law Tribunal, stock exchanges, SEBI (Securities and Exchange Board of India) and various statutory approvals, including those from shareholders and lenders/creditors of the companies involved in the scheme.”

Besides, the company said, it has approved the increase of the investment limit of registered foreign portfolio investors in its equity share capital to 49 per cent from the current 24 per cent.

“… increase of the investment limit of registered foreign portfolio investors (including FIIs – foreign institutional investors) in equity share capital of the company, subject to the approval of members of the company and other applicable statutory approvals, from present 24 per cent to 49 per cent of the company’s total paid-up equity share capital,” the BSE filing said.

The company also announced the appointment of Sridevi Badiga as its additional independent director for five years effective from April 20.