Metro brands block deal: Five promoters of footwear company Metro Brands Limited sold 2.19 percent stake in the company for Rs 749 crore through a block deal. Kotak Mahindra MF and Citigroup Global Markets Mauritius bought stake in Metro Brands. According to data available about the block deal on the National Stock Exchange (NSE), Alisha Rafiq Malik, Farah Malik Bhanji, Sabina Malik Hadi, Zarah Rafiq Malik and Zia Malik Lalji sold a total of 59.50 lakh shares (2.19 percent) in Metro Brands.
Sale of shares
The shares were sold at an average price of Rs 1,260 per share, taking the total value of the deal to Rs 749.70 crore. After the stake sale, the shareholding of the promoter and promoter group entities in Metro Brands has come down from 74.15 per cent to 71.96 per cent. These shares were bought by Kotak Mahindra Mutual Fund, Invesco MF, Baroda BNP Paribas MF and Citigroup Global Markets Mauritius at the same price. Talking about the shareholding pattern, among the public shareholders, Rekha Rakesh Jhunjhunwala holds 1,30,51,206 shares or 4.80 per cent stake.
share status
Last Friday, the stock of Metro Brands fell more than 3 percent to close at Rs 1234.65. On November 30, 2023, the stock price went up to Rs 1,440.45. This is the 52-week high of the stock. In June 2023, the stock was at Rs 992.65. This is the 52-week low level of the stock. Domestic brokerage Motilal Oswal has also maintained its ‘buy’ rating on Metro Brands with a target price of ₹ 1460.
Metro Brands quarterly results
Metro Brands posted a profit of Rs 92.27 crore in the first quarter of the current fiscal year. Its revenue stood at Rs 93.50 crore in the same quarter of the previous fiscal. Revenue for the three months ended June fell 1.1 per cent to Rs 576.08 crore.
