RAYMONDS d-merger

(A) 4 shares of to be listed Raymond life style will get added to 5 share of Raymond bought by 10 July 2024

(B) RAYMOND has approved d-merger of RAYMOND REALITY in 1:1 ratio . this will take 6-10 months for record date .

EX listed from 11 July at 1906 .

Raymonds demerger . Declared 1:1 Holding 1 Raymond will get 1 Raymond reality share.
Before demerger price was about 1500.after record date price of Raymond can to 600+ with heavy buying.
Can you please through light on what should be Raymond intrinsic value after demerger.?
What price should be Raymond reality after listing.
I read reality has 60% in Raymond so 60% of 1500 should be 900 for Raymonds reality.
How to calculate intrinsic value of both .thanks