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Business News/ Market / Stock-market-news/  Monte Carlo Fashions shares close at Rs566.40
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Monte Carlo Fashions shares close at Rs566.40

Monte Carlo had issued shares at `645 apiece in its IPO, which was subscribed over 7.83 times

Promoters including the Oswal family and other companies reduced their stake from 81.06% to 63.63% and Samara Capital, a Mauritius-based private equity firm, cut its shareholding from 18.51% to 10.94% through the issue. Photo: BloombergPremium
Promoters including the Oswal family and other companies reduced their stake from 81.06% to 63.63% and Samara Capital, a Mauritius-based private equity firm, cut its shareholding from 18.51% to 10.94% through the issue. Photo: Bloomberg

Mumbai: Shares of Monte Carlo Fashions Ltd opened 9.3% lower on listing on Friday on BSE.

Monte Carlo had issued shares at 645 apiece in its IPO, which was subscribed over 7.83 times. The company raised around 350 crore through the issue of 54.3 million equity shares.

Promoters including the Oswal family and other companies reduced their stake from 81.06% to 63.63% and Samara Capital, a Mauritius-based private equity firm, cut its shareholding from 18.51% to 10.94% through this issue.

Monte Carlo was launched as a woollen apparel brand in 1984 under Oswal Woollen Mills Ltd. In 2011, the group’s flagship Oswal Woollen Mills hived off this premium apparel brand into a separate entity to unlock the value of the brand through IPO and private placement, according to the information reported in the offer document.

The firm is now into woollen as well as cotton apparel. It sources the latter from other manufacturers while making all of the woollen apparel in its own factories. It sells through its exclusive branded outlets and multi-branded retailers, the offer document added.

As on 31 March 2014, there were 191 Monte Carlo exclusive brand outlets in India, two such stores in Dubai and one in Kathmandu, Nepal. Of the 191 exclusive stores in India, 17 are owned and operated by the company and the rest are run through franchisees.

The scrip closed at 566.40 apiece on BSE, while the benchmark Sensex gained 0.90% to 27,371.84.

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Published: 19 Dec 2014, 11:44 AM IST
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