Doms Industries' Italian Promoter Pares Stake For Rs 798 Crore; Axis MF Buy Shares
FILA Group said the divestment in Doms Industries is aimed at increasing the company’s free float, help enhancing its shares’ liquidity and attracting new investors.
Doms Industries Ltd.'s Italian promoter entity FILA Group pared stake for Rs 798.54 via open market deals on Thursday.
Through the affiliate FILA Fabbrica Italiana Lapis Ed Affini SPA, the firm offloaded 27.7 lakh shares at an average price of Rs 2,879.29 apiece, according to bulk deal data on the NSE.
The shares offloaded represented 4.56% stake in the stationary goods-maker. The promoter entity owned 30.58% of Doms Industries as of September.
FILA Group is an Italian multinational supplier of art materials and related products, with subsidiaries and brands such as Daler-Rowney, Canson, Lyra and Maimeri.
The divestment is aimed at increasing the company’s free float, help enhancing its shares’ liquidity and attracting new investors in the share capital, FILA Group said in a statement a day prior.
"Despite this reduction, the company will continue to represent a long-term strategic investment and a key industrial partner for F.I.L.A., which, therefore, intends to keep its stake in the company stable. As the company’s single largest shareholder upon completion of the Placement, F.I.L.A. will maintain its 'relevant shareholder' status according to the current governance structure," the statement said.
Meanwhile, Axis Mutual Fund bought shares worth Rs 211.4 crore via two funds, securing 1.21% equity.
As of September-end, Indian promoter entities held 44.37% stake in Doms Industries, and mutual funds cumulatively owned 12.34% shares in the company.
Shares of Doms Industries closed 4.07% lower at Rs 2,930.95 apiece on the NSE, compared to 1% decline in the benchmark Nifty 50.
