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Investor Ashish Ramchandra Kacholia reduced his equity shareholding in ice cream maker Vadilal Industries on Monday. The stock was locked at the 20 percent lower circuit at Rs 588.65 on the BSE.
The ace investor sold 3.62 lakh equity shares (3,06,045 shares on the NSE and 56,260 shares on the BSE) through open market transactions at Rs 612.18 and Rs 604.05 per share, respectively, for Rs 22.13 crore.
As of June, Kacholia held 5,18,432 equity shares (representing 7.21 percent of the total paid-up equity) in the company. After this bulk deal, his stake reduced to 1,56,127 shares, or 2.17 percent of the company’s total equity.
Vadilal reported a healthy 31 percent year-on-year growth in Q1 FY19 consolidated profit at Rs 32.34 crore. Revenue declined 3.44 percent to Rs 229.16 crore. The company lowered its outstanding debt to Rs 94.4 crore from Rs 102.6 crore in the year ago period, leading to a 14 percent reduction in interest payout.
Commenting on earnings for the quarter gone by, Rajesh Gandhi, Chairman and Managing Director, Vadilal Industries, said he sees 8-10 percent growth in India and strong demand momentum in international business.
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