Alembic ltd de-merger explanation opened 62% lower

What happened today in alembic ltd share been listening about de-merger of their real state business, in pre-market session it was showing 62 % lower after regular market hours it came down to 22.64 % lower.

Alembic has been d-merged . the share is quoting from today WITHOUT RS 16.50 redeemable preference shares (RPS) of unlisted Sherno ltd. RPS too will not be listed .
Redeemed in one or more tranche anytime on or before expiry of 5 years from the date of allotment Please Note: (1) Small shareholders shall be redeemed at any time at the discretion of Shreno on or before expiry of 2years from the date of allotment. (2) If no redeemed by the Sherno then Nirayu holding company will purchase from them.
@sudheermishra1982 : it is not down as last closing price (with rps of rs 16.50) was 50 so minus 16.50 means actual cost is 33.50 . wherein share quote around 39 . …

Sir, I am unknown about what you say this means RPS 16.50 i will get automatically or i have to ask for it ( if yes than from whom) and as you say that the price should be 33.50 and it is closed at 38.95 means will the price will eventually get to 33.50 ?

RPS is redeemable preference share or in more simple words will not be permanent like equity share but will be redeemed( refunded ) at a price of 16.50 per share anytime after expiry of 2 years at the choice of SRENO ltd the issuing company and meanwhile you will get 7% pa preference dividend or in simple words Interest .
Rps will not be listed and will get automatic credit to your demat in next few days ,if you have purchased Alembic on or before 23 August .
33.50 was the cost based on last closing price of Alembic as rs 50 . i gave this figure to ward off the confusion that it is trading low after d-merger wherein actual it is trading higher .

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thanks a lot.