Finco sheds 20% stake in Orient Garments on debut

Friday, 1 July 2011 02:47 - - {{hitsCtrl.values.hits}}

Parent Finco Holdings Ltd., disclosed yesterday that it had sold 20% stake out of its overall 80.98% ownership in new debutant Orient Garments Ltd.

The stake amounting to 10.98 million shares had been sold at an average price of Rs. 28.07 per share on Wednesday when Orient Garments Ltd. (OGL) began trading.

On the inaugural day 15 million shares amounting to 27% stake traded for Rs. 424 million with share price up 21.3% to Rs. 27.90. Around 16.39% stake was bought by high networth investor Dr. T. Senthilverl.

In comparison yesterday only 150,100 OGL shares traded before closing at Rs. 25.90, down by Rs. 2.