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21 August, 2019 13:14 IST
Arvind gains on divesting 10% stake in Arvind Lifestyle Brands for Rs 7.4 bn
Source: IRIS | 26 Oct, 2016, 10.05AM
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Arvind witnessed a rise in share price on Wednesday after the company has divested 10% stake in its brand business subsidiary Arvind Lifestyle Brands to Multiples, the private equity firm founded by Renuka Ramnath.

At an enterprise value of Rs 80 billion, the deal is valued at Rs 7.40 billion which would be used by the company to reduce its debt. Post this deal, effective November 2016, the overall debt on the group level of the conglomerate would decline to Rs 25 billion.

Shares of Arvind are trading at Rs 408.45, up Rs 4.85, or 1.20% at the Bombay Stock Exchange (BSE) on Wednesday at 9:51 a.m.

The scrip has touched an intra-day high of Rs 412.30 and low of Rs 400.00. The total volume of shares traded at the BSE is 430,203.

Total volume of shares traded on the bourses today was higher by 82.08% to 3,643,259 compared with 22-day average volume of 2,000,878.

Arvind Limited   (Q,N,C,F)*

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