Cox & Kings (CKL) witnessed a rise in share price on Wednesday after the company has received an approval for demerger of its foreign exchange division into a separate financial services company to be named Cox & Kings Financial Service (CKFSL).

The board of directors at its meeting held on May 30, 2017 has approved for the same. The demerger is effective April 1, 2017, and is subject to High Court and other regulatory approvals.

Shares of Cox and Kings are trading at Rs 226.60, up Rs 9.1, or 4.18% at the Bombay Stock Exchange (BSE) on Wednesday at 10:01 a.m.

The scrip has touched an intra-day high of Rs 227.00 and low of Rs 218.50. The total volume of shares traded at the BSE is 9,712.

Total volume of shares traded on the bourses today was lower by 37.06% to 176,084 compared with 22-day average volume of 279,762.