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ICICI Bank has almost doubled its stake in Gokaldas Exports Ltd, the Bengaluru-based garment maker and exporter, to over 10 per cent in the past few days through open market purchases.
The bank acquired about 15.55 lakh shares amounting to around 4.5 per cent stake in the apparel maker recently thereby increasing its total holding to 10.09 per cent on December 1.
As of end September, ICICI Bank held 5.59 per cent stake in Gokaldas Exports and was the second largest shareholder in the company after Blackstone Capital Partners, which owned 62.33 per cent in the apparel maker. The company informed the stock exchanges on Wednesday of the change in ICICI Bank's shareholding.
Shares of Gokaldas Exports were trading flat at Rs 75.50 in the intra-day trade on Wednesday. The shares have gained by about a tenth over the past week from around Rs 68 a piece to the current levels.
Gokaldas, which supplies garments to labels such as GAP, Adidas, Levi's, Puma and Nike among others, had registered a 83 per cent increase in net profits for the September quarter over corresponding last quarter on higher revenues. The company reported a net profit of Rs 3.30 crore on revenue of Rs 317.04 crore for the September quarter this year, as against a net of Rs 1.80 crore on revenue of Rs 279.10 crore in corresponding last quarter.
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