V-Guard Industries promoter Mr. Chittilappilly has sold 40 lakh shares in the company to fund social cause.
February 19, 2021
Electrical appliances manufacturer V-Guard Industries promoter and chairman emeritus Mr. Kochouseph Chittilappilly has sold 40 lakh shares in the company worth INR 90 crore to fund social causes.
As reported in a leading daily, the sale of 40 lakh shares of V-Guard lndustries Ltd. executed on February 17, 2021 was to raise funds for two initiatives Mr. Chittilappilly have undertaken as part of his commitment to social causes.
The work of the same is in progress and part of the proceeds of stake sale will be utilized for the said project.
Based on the weighted average price of V-Guard Industries’ at INR 225.15 per equity share on February 17, 2021, sale of 40 lakh shares is estimated at INR 90 crore.
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Chittilappilly said with a vision to assist entrepreneurs who face shortage of funds to scale up their businesses, by providing credit funds at reasonable rates and terms, they have incorporated a company named K Chittilappilly Capital Pvt. Ltd., which has applied for Certificate of Registration as a NBFC (Non-banking financial company) from RBl.