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BSE   26 Jun 19 | 12:00 AM

65.25 0.5 (0.77%)
Mkt Price (Rs)   Chg Rs (Chg %)
Code: 500101
Face Value: N.A.

NSE   26 Jun 19 | 03:59 PM

65.25 0.6 (0.93%)
Mkt Price (Rs)   Chg Rs (Chg %)
Code: ARVIND
Performance
1 Week : Rs 59.55 (9.57%)
1 Month : Rs 74.95 (-12.94%)
1 Year : Rs 143.05 (-54.39%)
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Arvind surges on stake sale plan in Arvind Fashions

SI Reporter / Mumbai 25 Oct 16 | 01:17 PM

Arvind has moved higher by 11% to Rs 401, its fresh 52-week high on BSE, after the company announced dilution of 10% stake in Arvind Fashions to private equity (PE) firm founded by Renuka Ramnath for Rs 740 crore.

“The company to raise about Rs 740 crore by diluting 10% stake in its brand business arm, pegging its enterprise value at Rs 8,000 crore," Arvind said in a press release.

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The entire stake will be pick up by Multiples, the private equity firm founded by Renuka Ramnath, it added.

“This transaction helps Arvind unlock the value that the brands business has accomplished in a short period and add financial muscle to future strategic opportunities for the Group," said Sanjay Lalbhai, chairman and managing director of Arvind.

Arvind’s brand portfolio business clocked turnover of Rs 2,300 crore for the FY2015-16 and is one of the fastest growing businesses in the country with CAGR of 25% for the past three years. The unmatched portfolio includes global marquee brands, such as Calvin Klein, Tommy Hilfiger, US Polo Assn, Ed Hardy, Hanes, Arrow, Gant and Nautica, among others.

At 01:13 pm, the stock was up 10% to Rs 397 on BSE, against 0.41% fall in the S&P BSE Sensex. The trading volumes on the counter jumped an over 10-fold with a combined 21.7 million shares changed hands on BSE and NSE so far.

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