Mandhana Retail Ventures hit upper circuit on reports of stake buy by Rakesh Jhunjhunwala

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 Rakesh Jhunjhunwala will buy about 13% stake in the company. While this talk was doing the rounds on various chat groups and television 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 announced the demerger of the company's retail and trading business of the brand Being Human to Mandhana Retail Ventures Limited.

MRVL which own Being Human brand was founded by actor Salman Khan in the year 2007. Currently it has present across 700 point of sale outlets globally.

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

Shares of parent Mandhana Industries rose over 18% to hit a one-month high of 36.30 rupees.