Rakesh Jhunjhunwala further cuts stake in Mandhana Retail, brings down shareholding to 2.4%

Ace investor Rakesh Jhunjhunwala on October 7 informed the stock exchanges that he has further slashed his stake in textile manufacturing firm The Mandhana Retail Ventures.

The shareholding has been brought down to approximately 2.4 percent, Jhunjhunwala said as he has offloaded over 8.5 lakh shares in the entity over the last two days.

Earlier, between September 27 and October 4, Jhunjhunwala had reduced 1.8 percent stake by selling off over 4 lakh equity shares.

Notably, the Big Bull - as Jhunjhunwala is prominently referred to - was holding 17,87,900 equity shares or 8.09 percent stake in Mandhana Retail till September 26.

"From 27th September 2021 till 4th October 2021 , I have sold 4,05,200 equity shares which is 1.8349% of the total issued and paid up capital of The Mandhana Retail Ventures Limited. (ie 2,20,82,609 equity shares of FV Rs.10/- each)," Jhunjhunwala said in a disclosure before the BSE and NSE.

"Further from 5th October 2021 till 7th October 2021 I have sold 8,52,200 equity shares , thereby resulting in a total change of 5.6941% of the total issued and paid up capital of The Mandhana Retail Ventures Limited," he added.

"This takes my total shareholding to 5,30,500 equity shares which is 2.4023% of the total issued and paid up capital of The Mandhana Retail Ventures Limited (ie 2,20,82,609 equity shares of FV Rs.10/- each)," he further said.

Before the above sell off, Jhunjhunwala had offloaded 65,820 equity shares on September 17 and 32,274 shares on September 20. He has been constantly reducing his stake in the company, which stood at 12.74 percent in June this year.