Goldman Sachs, ICICI Pru Life Insurance pick up stakes in Arvind Fashions for Rs 381 crore

Investment banking company Goldman Sachs, ICICI Prudential Life Insurance and Mahindra Manulife MF on Wednesday picked up stakes in Arvind Fashions through open market transactions worth Rs 381 crore.

Arvind Fashions is a leading player in the casual and denim segment.

US-based Goldman Sachs through its affiliate Goldman Sachs India Equity Portfolio acquired 10.06 lakh shares or 0.75 per cent stake in Arvind Fashions, as per the bulk deal data available on the National Stock Exchange (NSE).

Also, ICICI Prudential Life Insurance Company purchased 43.48 lakh shares or 3.26 per cent stake in Arvind Fashions while Mahindra Manulife Mutual Fund (MF) bought 12.75 lakh shares, amounting to 0.96 per cent stake in Bengaluru-based firm through a block deal on the NSE.

The shares were acquired in the price range varying from Rs 574.85 to 580.71 apiece, taking the combined transaction value to Rs 381.68 crore.

Meanwhile, Mumbai-based Multiples Alternate Asset Management through its three affiliates -- Multiples Private Equity Fund II LLP, Plenty CI Fund I, Plenty Private Fund I -- offloaded 56.23 lakh shares or 4.22 pc stake in Arvind Fashions.

The shares were sold at an average price of Rs 574.85 apiece, taking the deal value to Rs 323.23 crore, the block deal data showed.

Plenty Private Equity Fund I owned 5.64 per cent stake in Arvind Fashions while Plenty CI Fund I held 2.67 per cent stake in the company at the June quarter ending, shareholding data showed with the BSE.

Shares of Arvind Fashions rose 0.88 per cent to close at Rs 585 apiece on the NSE.