As of December-end, the promoter held over 20% stake in Gokaldas Exports. Aditya Birla Sun Life and Goldman Sachs were buyers of co shares today

Promoter entity sells 10% stake in Gokaldas Exports for Rs 235 crore in block dealsAgencies
Promoter group entity Clear Wealth Consultancy Services has sold nearly 10% stake in Gokaldas Exports through the open market today for Rs 235 crore. The entity sold 60,00,000 shares at Rs 390.91 apiece on the NSE, block deal data showed.

The transaction took place at a discount of 4% to the stock’s previous close price. Shares of the apparel exporter ended 3.6% down at Rs 393.15 on the NSE.

As of December-end, Clear Wealth held over 20% stake in Gokaldas Exports. In September 2022, the promoter entity had sold 2.5% stake through the open market.

In separate deals, Aditya Birla Sun Life and Goldman Sachs bought shares of the company. Aditya Birla, through two of its funds, bought 7,69,230 shares for about Rs 30 crore. The fund was not holding stake in the company before.

Goldman Sachs bought 7,20,634 for Rs 28 crore and raised its stake in the company. As of December end, it held 4.67% stake.

The stock is quite popular among the mutual funds. MFs cumulatively held 21.85% stake in the apparel exporter as of December-end. SBI Mutual Fund, Tata Mutual Fund, Nippon Life, HSBC Mutual Fund, and Quant Mutual Fund are the prominent domestic institutional investors.

Among foreign portfolio investors, Goldman Sachs, Can Lah Investments, HSBC Global, and Abu Dhabi Investment Authority are prominent names.

In the last one year, shares of the company have underperformed Nifty50. The stock has gained over 3% whereas Nifty 50 has given about 8% returns.

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