Moneycontrol Bureau
Shares of The Mandhana Retail Ventures were locked at 5 percent upper circuit at Rs 238.10 for the second consecutive session Thursday after ace investor Rakesh Jhunjhunwala picked up stake in the company. Mandhana Industries was also locked at 20 percent upper circuit at Rs 41.55, continuing uptrend for the third straight session.
"I have purchased 28,13,274 equity shares of Mandhana Retail, which is 12.7398 percent of the total issued and paid-up capital of the company of 2,20,82,609 shares," Jhunjhunwala said in a filing to the exchange.
He bought these shares through off-market transaction on December 14, when the stock listed on exchanges after demerger.
Mandhana Retail, the subsidiary of textile company Mandhana Industries, sells products under the brand Being Human.
Mandhana Industries has global licensing arrangement with Being Human – The Salman Khan Foundation, to manufacture and distribute textile products and the royalties from the clothing line support education & healthcare initiatives of the foundation.
The company had demerged its retail and trading business of the brand Being Human to The Mandhana Retail Ventures that issued two equity shares for every three shares held by shareholders of Mandhana Industries. The board of directors had approved this demerger on September 22, 2014.
At 11:34 hours IST, there were pending buy orders of 233,645 shares, with no sellers available on the Bombay Stock Exchange.Posted by Sunil Shankar Matkar
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