A query was sent by ETNow and is awaiting a response from Rakesh Jhunjhunwala, and Mandhana Industries. The announcement is likely to take place post market hours on Wednesday.
NEW DELHI: Ace investor Rakesh Jhunjhunwala is in talks to buy up to 15 per cent stake in Mandhana Retail Ventures (MRVL) from its promoters, according to ETNow sources.
Post the demerger with Mandhana Industries, shares of Mandhana Retail Ventures hit upper circuit on the first day of listing on bourses. The scrip surged 5 per cent to Rs 226.80 on the BSE while Mandhana Industries rallied 12.8 per cent to close at Rs 34.65
Mandhana Industries in November 2014 announced that its board had approved the demerger of the company's retail and trading business of the brand Being Human to Mandhana Retail Ventures Limited (MRVL).
A query was sent by ETNow and is awaiting a response from Rakesh Jhunjhunwala, and Mandhana Industries. The announcement is likely to take place post market hours on Wednesday.
MRVL which houses Being Human brand which was founded by actor Salman Khan in the year 2007 is present across 700 point of sale outlets globally. The export business of MRVL is about 30 per cent and has 60 exclusive brand outlets globally.
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The management aims to grow by 20-25 per cent in the FY17 and achieve sales of Rs 500 crore. The proceeds from the stake sale will be utilised by the company to bring down debt and redeem pledged shares.
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