go fashion: Go Fashion wins while SBI Funds Management takes 0.85% of the capital

NEW DELHI – Shares of Go Fashion India gained nearly 2% in early trading on Wednesday after SBI Funds Management acquired a 0.85% stake in the company through an open market transaction on January 3, bringing the stake in the company at 5.43% versus 4.57 percent earlier.

The Go Fashion counter peaked at Rs 1,065 against Rs 1,046.70 on the National Stock Exchange.

The latest development comes following the purchase of 3 million shares for Rs 351.6 crore on December 9, 2021.

The mutual fund bought shares at an average price of Rs 1,172 per share from India Advantage Fund S4 on NSE, according to wholesale transaction data.

After making its public debut on November 30, Go Fashion witnessed a sharp drop in the share price once the lead investor deadline to sell the share ended.

At current levels, the stock is about 23% below the price at which it was listed. On BSE, the issue price was set at Rs 690 per share.

Go Fashion India, which was incorporated in 2010, is one of the largest women’s clothing brands in the country and is engaged in the development, design, sourcing, marketing and retailing of a range of products for women under the brand “Go Colors”.

Comments are closed.