Radhakishan Damani offloads 1.7% stake in VST Industries, takes home Rs 107 crore
Radhakishan Damani, through his entity Derive Trading, on Wednesday offloaded a partial stake in tobacco company VST Industries through bulk deals.
According to exchange data, Damani sold about 2.62 lakh shares or about 1.7% stake in the company at Rs 4,102 apiece. This takes the transaction value to Rs 107 crore.
According to the latest shareholding pattern available with the exchanges, public shareholders are the majority owners with 67.47% stake, while promoters have the rest.
Among the public shareholders, Damani held about 34.66% in the company. Damani raised stake in VST Industries during the June quarter by 2%. At the end of March quarter, the investor had held about 32.7% in the company, according to data from Trendlyne.
VST Industries is engaged in the manufacturing and trading of cigarettes containing tobacco and unmanufactured tobacco products. The company operates through the tobacco and related products segment.
Its brands include Total, Editions, Charms, Special, Moments, Total Active Mint and Total Royal Twist. The company has a manufacturing facility at Hyderabad and Toopran, Telangana.
The Board of VST Industries will meet on July 25 to consider the issue of bonus shares. The company will also announce the first quarter results tomorrow.
In the recent March quarter, VST’s revenues stood flat at Rs 300 crore on the back of consumer shift towards RSFT cigarettes, reflecting 11% decline in volumes year-on-year.
Brokerage Centrum Broking believes slower than industry growth may force VST to
