After its demerger with Grasim Industries, the shares of Samruddhi Cement Ltd got listed at Rs 588 a share on the Bombay Stock Exchange (BSE).

The shares of the company hit an intra-day high of Rs 600 and an intra-day low of Rs 494 on the BSE.

On the National Stock Exchange (NSE), the company's shares were listed at Rs 579.75 before hitting an intraday high of Rs 590.

The company has listed with 26.16 crore equity shares having face value of Rs 5 each.

The listing was part of the reformation process of the cement biz of the Aditya Birla group.

As part of the pact, the company will be merged with UltraTech Cement on July 10.

As per plan, four shares of UltraTech would be issued for every seven shares of Samruddhi.

Each Grasim shareholder got one equity share of Rs 5 of Samruddhi Cement for every 1 share held in Grasim as part of the scheme.

After the completion of the merger, Grasim would hold 60.3% of UltraTech's amplified equity capital and 39.7 per cent would be held directly by other shareholders of UltraTech and Samruddhi. (With Inputs from Agencies)