Under the new scheme, CESC Ltd will continue to comprise its generation and distribution segments, while two new entities - RP-SG Retail Ltd and RP-SG BPO Ltd - will be formed. For every 10 shares of CESC, 6 shares of FV Rs5 of RP-SG Retail Ltd and 2 shares of FV Rs10 of RP-SG BPO Ltd will be issued. The record date for the demerger is October 31, 2018, and the shares of the two new entities will be listed by the end of Nov'18. While we believe that the demerger of the Retail and BPO arms is positive, the continuation of the distribution segment with the gencos (as of now) may not unlock the desired value that was projected earlier....