Shares of Future Retail hit record high after the company said it planned to demerge home retail operations.

Shares of Future Retail Ltd jumped as much as 7.04 per cent to a record high of Rs 312.85.

At about 2.20 pm, the stock was up 3.86 per cent or Rs 11.30 at Rs 304.15.

The board has approved separation of the company's home retail business into Praxis Home Retail Private Ltd via demerger.

The company has said it will seek listing for Praxis Home Retail.

Separately, the board also approved increase in foreign investment limit to 49 per cent from 24 per cent.

The stock has more than doubled in value this year as of Wednesday's close.