Kochouseph Chittilappilly has sold 40 lakh shares of V-Guard Industries Ltd

Kochouseph Chittilappilly (Founder & Chairman Emeritus, V-Guard Industries Ltd.) has announced the sale of 40 lakh shares of V-Guard Industries Ltd. executed on February 17, 2021. The sale was to raise funds for two initiatives that he has undertaken as part of the commitment to social causes.

K Chittilappilly Foundation (KCF), a Section 8 Company formed by him to undertake charitable & philanthropic activities had decided to execute a signature project named "Chittilappilly Square (CS)", as intimated during the earlier stake sale in December, 2019. The work of same is in progress and part of the proceeds of yesterday's stake sale will be utilised for the said project.

KCF had been working over the years in the area of entrepreneurial development. With a vision to expand this initiative by assisting Entrepreneurs who face shortage of funds to scale up their businesses, by providing credit funds at reasonable rates and terms, we have incorporated a company named K Chittilappilly Capital Pvt. Ltd., which has applied for Certificate of Registration as a NBFC from RBI. Part of the proceeds of the stake sale will also be utilised for funding the said initiative.

Shares of V-GUARD INDUSTRIES LTD. was last trading in BSE at Rs.233.8 as compared to the previous close of Rs. 229. The total number of shares traded during the day was 56186 in over 942 trades.

The stock hit an intraday high of Rs. 236.75 and intraday low of 226.3. The net turnover during the day was Rs. 13045925.

Source : Equity Bulls

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