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Business News/ Mutual Funds / News/  Axis Mutual Fund sells 2.22% of equity of V-Guard Industries worth 152 crore
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Axis Mutual Fund sells 2.22% of equity of V-Guard Industries worth ₹152 crore

SBI Mutual Fund bought the shares sold by Axis, exchange data shows
  • The mutual fund held 4% equity stake in the company as per the shareholding pattern as of June 2020
  • The companies raised money for funding expansion plans, retiring debt, supporting working capital requirements and other general corporate purposes.Premium
    The companies raised money for funding expansion plans, retiring debt, supporting working capital requirements and other general corporate purposes.

    Mumbai: Axis Mutual Fund on Thursday sold 94.97 lakh shares or 2.22% equity stake in V-Guard Industries for 152.18 crore, via open market transactions.

    The mutual fund manager offloaded 9.50 million shares of V-Guard Industries in secondary market at an average price of 160.25 per share on the National stock Exchange (NSE), valuing the transactions at 152.18 crore, the bulk deals data showed.

    The mutual fund held 4% equity stake in the company as per the shareholding pattern as of June 2020.

    SBI Mutual Fund bought the shares sold by Axis, exchange data shows.

    On a consolidated basis, V-Guard Industries a drop of 93% in net profit to 3.64 crore in Q1 June 2020 compared with a net profit of 53.03 crore in Q1 June 2019. Net sales fell 42.3% to 408 crore in Q1 June 2020 over 706.65 crore in Q1 June 2019.

    From the beginning of the year, V-Guard Industries lost 20% against a loss of 7% in the benchmark index, Sensex. From March lows, the stock gained while Nifty was up 47%.

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    Published: 20 Aug 2020, 10:19 PM IST
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