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Future Ventures made a disappointing debut on the stock exchanges, but promoters of the company seemed to have made a neat profit from that.
The listing day of Future Ventures saw the promoters buying back around 2 crore of the company's shares. Pantaloon Retail and Pantaloon Industries Ltd bought 1.97 crore shares of Future Ventures in two bulk deals of around 99 lakh shares each, at an average price of Rs 8.35 a share and Rs 8.48 a share respectively on Tuesday.
Pantaloon Retail stake fell to 9.52 per cent stake in the company following the IPO, which came at a issue price of Rs 10 a share. The stock opened below the issue price on the BSE at Rs 9.50 and Rs 9 on the NSE. The stock ended the day at Rs 8.30 and at Rs. 8.25 on the BSE and NSE respectively.
Future Ventures had launched its Rs 750-crore IPO at a price band of Rs 10-11 a share.
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