On Thursday, Axis Mutual Fund sold more than 94.96 lakh shares nearly about 2.22% equity stake of V-Guard Industries which is worth over Rs 152 crore, through an open market transaction.
As per the data, the mutual fund manager offloaded the shares of V-Guard Industries around 9.50 million in the secondary market at an average price of Rs 160.25 per share on the National Stock Exchange (NSE), the transactions is valued at Rs152.18 crore. The mutual fund managing company hold 4% equity stake in V-Guard according to the shareholding pattern as per of June 2020 and, the exchange data shows that the shares sold by the company is bought by SBI Mutual Fund. The promoters of the company, K Ravishankar and Arunkumar Pillai sold 12.64% stake a total of about 3,13,99,895 shares, at an average price of Rs 127.9 apiece. The sake sold was picked up by Chayadeep Ventures LLP and Agnus Capital LLP, the two other promoter entities. Now, Ravishankar held 11.23% and Pillai 9.46% stake in the company, as per the shareholding pattern for June 2020 quarter.
On a consolidation basis, V-Guard Industries net profit dropped by 93% to Rs 3.64 crore in the June quarter of the current fiscal year, as compared to the net profit of Rs 53.03 crore in the same quarter previous year. In June quarter, the company’s net sales fell by 42.3% to Rs 408 crore which was Rs 706.65 crore a year ago.