DSP BlackRock Mutual Fund sells 1.7% stake in Indian Terrain Fashions
DSP BlackRock Trustee, on behalf of various schemes of DSP BlackRock Mutual Fund, cuts its shareholding in Indian Terrain Fashions by 1.70%
New Delhi: DSP BlackRock Trustee Co. has trimmed its stake in apparel brand Indian Terrain Fashions Ltd by 1.70% after selling 6.46 lakh shares in the open market.
As per a BSE filing, DSP BlackRock Trustee Co, on behalf of various schemes of DSP BlackRock Mutual Fund, decreased its shareholding in the company on 1 March. Before the transaction, the schemes of DSP BlackRock Mutual Fund held 18.66 lakh shares amounting to 4.92% stake, which has been brought down to 3.22% after the open market sale, it added.
The transaction was based on the weighted average price of Rs202 per share on BSE. The deal is estimated to be worth Rs13.06 crore.
Indian Terrain Fashions is looking to be a Rs1,000 crore firm by 2020-21 as the company expands its sales network and reach, particularly in north and east India. The company, which reported a revenue of Rs400 crore in 2016-17, retails its products through over 140 exclusive stores and 249 departmental stores across the country. It also sells its products through over 1,200 multi-brand outlets.
Indian Terrain Fashions shares were trading at Rs199.70, up 1.99% on BSE, while the Sensex gained 0.37% to 33,870.13 points.
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