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Why Marico's Harsh Mariwala purchased 4 lakh L&T Finance shares

Have bought 4 lakh shares of L&T Finance Holdings at an average price of Rs 80 per share, over a period of time, said Harsh Mariwala, Chairman, Marico.

December 31, 2016 / 14:07 IST
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Harsh Mariwala, Chairman, Marico has purchased L&T Finance Holdings shares from the open market in his personal capacity. Mariwala is also the independent director of the company.

Mariwala has over a period of time bought 4 lakh shares of the company at an average price of Rs 80 per share.

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Talking about the rationale behind the purchases, he said he has full confidence in the ability of the company’s management. However, as of now, he is not looking at further purchases in L&T Finance Holdings.

“The company is undergoing a shift in terms of business model and is on the right track. If all is executed well, then the company will do well,” say Mariwala who calls himself a "long-term investor". So far he has invested in 8-10 unlisted companies.