Pearl Global Industries surged 9.47% to Rs 832 after HDFC Mutual Fund acquired about 1.6% stake in the company through block deals on Monday, 15 July 2024.
Based on the data available on the exchanges, HDFC MF acquired 4,47,380 equity shares of Pearl Global on the BSE and 2,42,605 shares of the company on the NSE. Both the transactions took place at an average price of Rs 731 each.
Investor Sanjiv Dhireshbhai Shah, who held a 7.56% stake in the company as of the June quarter, was identified as the seller, offloading 2,77,000 shares (0.64% equity) on the BSE.
Pearl Global Industries launched a Qualified Institutional Placement (QIP) on Monday (15 July) to raise additional funds. The floor price for the QIP has been set at Rs 748.68 per share. The company has the discretion to offer a discount of up to 5% on this floor price when determining the final issue price.
On 2 July 2024, foreign investor Abu Dhabi Investment Authority purchased 5,85,912 equity shares of the company, representing a 1.34% stake, via bulk deal on the NSE at an average price of Rs. 720.15.
As of the end of the June quarter, ace investor Mukul Mahavir Agrawal held a 3.44% stake in the company.
Pearl Global Industries is a global fashion and lifestyle company specialising in the design, manufacture, and distribution of apparel. Its revenue structure is primarily export based. Its key global clientele include GAP, Kohls, Inditex, PVH, Macy’s, Ralph Lauren, Old Navy, Muji, Talbots among others.
On a consolidated basis, net profit of Pearl Global Industries declined 1.12% to Rs 51.35 crore on 20.20% increase in net sales to Rs 877.37 crore in Q4 March 2024 over Q4 March 2023.
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First Published: Jul 16 2024 | 4:00 PM IST
