Metro Brands Promoters Offload Stake Worth Rs 750 Crore

Five promoters of Metro Brands Ltd. have offloaded stake worth Rs 749.7 crore through open market transactions on Friday. Kotak Mahindra Mutual Fund bought a 1.46% stake for Rs 500 crore.

Promoters Farah Malik Bhanji, Alisha Rafique Malik, Zia Malik Lalji, Zarah Rafique Malik and Sabina Malik Hadi sold 11.9 lakh shares each at Rs 1,260 apiece, according to bulk deal data on the NSE.

Kotak Mahindra Mutual Fund bought 39.7 lakh shares in Metro Brands for Rs 1,260 apiece. Kotak Infinity Fund, Invesco Mutual Fund and Citigroup Global Markets Mauritius Pvt. and Baroda BNP Paribas Mutual Fund also got minority stake in the shoemaking firm.

As of June, Farah Malik Bhanji held a 1.88% stake, while Alisha Rafique Malik held a 3.34% stake. Zia Malik Lalji, Zarah Rafique Malik and Sabina Malik Hadi held 1.46% stake each.

The Rekha Jhunjhunwala-backed shoemaker reported a year-on-year decline in its revenue and profit for the first quarter of the current financial year. The company's revenue was marginally lower at Rs 576 crore compared to Rs 583 crore in the previous year. The profit fell 2% to Rs 92 crore in the June quarter from Rs 94 crore in the same period a year ago.

Shares of Metro Brands closed 2.48% lower at Rs 1,238.50 per share on the NSE, compared to a 1.17% decline in the benchmark Nifty.