V-Guard Industries' promoter sells shares worth Rs 129 crore

V-Guard Industries, a  promoter of electricals and home appliances manufacturer on Friday informed about a share sale. It said 1 per cent stake in the company has been sold for Rs 129 crore through an open market transaction.

The shares were bought by Aditya Birla Sun Life Mutual Fund and Motilal Oswal Mutual Fund. Chittilappily Thomas Kochouseph offloaded 45 lakh shares, amounting to a 1.04 per cent stake in V-Guard Industries, as per block deal data available with the National Stock Exchange (NSE). V-Guard, being an electricals, electronics and home appliances major, had unveiled its premium product series earlier this year.  The fan industry is pegged at Rs 12,000 crore approximately and is growing at a CAGR of 8-9 per cent and V-Guard Industries is seen as a formidable player in this segment.

V-Guard Industries’ founder Kochouseph Chittilappilly’s, a philanthropist businessman, who makes constant headlines with his activism and charity, has been at the forefront of the electricals and home appliances manufacturer's growth. 

(With PTI inputs)