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Promoter of Nandan Denim hikes stake via open market
31
Dec '14
Devkinandan Corporation LLP, one of the promoters of Ahmedabad-based and second biggest Indian producer of denim fabrics, Nandan Denim, said in a filing that, it has hiked its stake in the company.

First on December 18, Devkinandan Corporation bought 65,308 shares at an average price of Rs 48.54 per share from open market.

Then on December 19, the promoter company again bought 61,300 shares of the denim fabric producer at an average price of Rs 50.50 per share, also through the open market.

Devkinandan has acquired 631,910 equity shares or 1.38 per cent stake in Nandan Denim between October 1, 2014 and December 19, 2014.

Chiripal Group promoted, Nandan Denim is currently the second largest denim fabric producer in India and post an ongoing expansion, will be the largest producer by March 2016.

Nandan Denim Limited has one of the most sophisticated weaving plants and other facilities to manufacture superior quality grey cotton fabrics, khakis and denims. (AR)

Fibre2fashion News Desk - India

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