Mandhana Retail shares jump on stake sale buzz

MUMBAI: Shares of Mandhana Retail Ventures (MRVL), the demerged entity from of Mandhana Industries which listed on Wednesday, hit an upper circuit of 5% amid speculation that Rakesh Jhunjhunwala will buy about 13% stake in the company.

While this talk was doing the rounds on various chat groups andtelevision channels flashed it, the company had not made an announcement to the stock exchanges till the time of going to press.

Mandhana Industries in November 2014 an nounced the demerger of the company's retail and trading business of the brand Being Human to Mandhana Retail Ventures Limited.

As per the scheme of arrangement, shareholders of Mandhana Industries received two fully paid equity shares of ` 10 each of Mandhana Retail for every 3 fully paid up equity they held.

Shares of parent Mandhana Industries rose over 18% to hit a onemonth high of `36.30.