homebusiness Newscompanies NewsPromoter Entity has no plans to sell any further stake as of now, says Gokaldas Exports
Promoter Entity has no plans to sell any further stake as of now, says Gokaldas Exports
Managing Director Sivaramakrishnan Ganapathi
Promoter entity Clear Wealth Consultancy Services LLP has no further plans to sell stake in Gokaldas Exports, according to its Managing Director Sivaramkrishnan Ganapathi.
In an interaction with CNBC-TV18, Ganapathi said that it is up to the promoter entity to decide what they want to do over the long term with regards to their stake.
“They are still a promoter group. So, they will have to remain on board. However, at the end of the day, that is their call as to what they do in the long-term, but for now, I do not think there is any intent to do any more sales,” he said.
Clear Wealth Consultancy, a promoter entity of Gokaldas Exports recently sold over 10 percent stake in the company through a block deal. Clear Wealth, a Special Purpose Vehicle (SPV) of Florintree has been paring its stake in Gokaldas since September 2020, bringing it down to around 11 percent currently from nearly 33 percent earlier.
Goldman Sachs and Aditya Birla funds were the key buyers in the Gokaldas Exports block deal on March 9.
Ganapathi also clarified that there are no changes in management personnel at Gokaldas Exports. This reassures stakeholders that the company is stable and consistent in its approach to business.
When asked about any potential financial or strategic partnerships, he stated that there are no ongoing talks of any such partnerships.
Shares of Gokaldas Exports are trading 1.5 percent lower at Rs 380.30. The stock is up close to 3 percent this year so far.
For more details, watch the accompanying video
(Edited by : Hormaz Fatakia)
Check out our in-depth Market Coverage, Business News & get real-time Stock Market Updates on CNBC-TV18. Also, Watch our channels CNBC-TV18, CNBC Awaaz and CNBC Bajar Live on-the-go!
BJP is planning to ban RSS, says Shiv Sena (UBT) chief Uddhav Thackeray
May 18, 2024 8:01 PM
Punjab Lok Sabha elections: Complete list of Congress candidates
May 18, 2024 4:08 PM
Punjab Lok Sabha elections: Check full list of AAP candidates and constituencies
May 18, 2024 12:59 PM
PM Modi, Rahul Gandhi election rallies in Delhi today: Here are the routes to avoid
May 18, 2024 11:28 AM