Mandhana Industries is extending its Wednesday’s rally as market expert, Rakesh Jhunjhunwala is in talks to buy up to 15 per cent stake from its promoters in Mandhana Retail Ventures (MRVL), an arm of Mandhana Industries.
The equity shares of The Mandhana Retail Ventures were listed and admitted to dealings on the exchange in the list of 'T' group securities. The "T" group shows securities which are settled on a trade-to-trade basis as a surveillance measure.
After the demerger with Mandhana Industries, shares of Mandhana Retail Ventures hit the upper circuit on the first day of listing on bourses. Yesterday, the scrip increased 5 per cent to Rs 226.80 on the BSE while Mandhana Industries rallied 12.8 per cent to close at Rs 35.25.
In November 2014, Mandhana Industries announced that its board has given the approval for the demerger of the company's retail and trading business of the brand Being Human to Mandhana Retail Ventures Limited (MRVL).
Pursuant to the scheme of arrangement including the demerger of retail business undertaking of Mandhana Industries (Demerged Company) into The Mandhana Retail Ventures Limited (Resulting Company), the newly formed Company would issue 2 fully paid up equity shares of Rs 10 each of the Resulting Company for every 3 fully paid up equity shares of the demerged company.
MRVL which houses Being Human brand which was incorporated by actor Salman Khan in the year 2007 is present across 700 point of sale outlets globally.The export business of MRVL is about 30 per cent and has 60 exclusive brand outlets globally.
The management aspires to grow by 20-25 per cent in the FY17 and achieve sales of Rs 500 crore. The proceeds from the stake sale will be utilised by the company to bring down debt and redeem pledged shares.
Meanwhile, Mandhana Industries share price has surged 12per cent to Rs 38.70 on the NSE in intra-day trade, extending its Wednesday’s 14 per cent rally on back of heavy volumes.
On the other hand, Mandhana Retail Ventures started off day at Rs 235.25 on the National Stock Exchange.
Within the next 15 minutes, around 20,44,416 equity shares changed hands on the counter with a traded value of Rs. 789.35 lacs, as per NSE.
Mandhana Industries Share Price touched the day’s high and low at Rs. 40.15 and Rs. 35.50, respectively. For two consecutive days, i.e on 14th and 15th the stock volume spurted by more than 4.86 and 2.13 times.
Mandhana Industries is one of the Top 500 performing stocks for this quarter as identified by Dynamic Levels, owing to its strong fundamentals.
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