Cravatex touches roof on getting nod to sell 100% stake in Cravatex Brands

Cravatex is locked its upper circuit limit at Rs. 455.60, up by 75.90 points or 19.99% from its previous closing of Rs. 379.70 on the BSE.


The scrip opened at Rs. 455.60 and has touched a high and low of Rs. 455.60 and Rs. 440.00 respectively. So far 18513 shares were traded on the counter.

The BSE group ‘X’ stock of face value Rs. 10 has touched a 52 week high of Rs. 459.50 on 24-Aug-2022 and a 52 week low of Rs. 300.10 on 20-Jun-2022.

Last one week high and low of the scrip stood at Rs. 379.70 and Rs. 345.15 respectively. The current market cap of the company is Rs. 117.73 crore.

The promoters holding in the company stood at 75.00% and Non-Institutions held 25.00%.

Cravatex has received an approval for the sale / transfer / disposal / divestment of its 100% shareholding held in Cravatex Brands (CBL), a material subsidiary of the Company, to Metro Brands, subject to approval of the Shareholders of the Company.

The total consideration payable is based on the enterprise value of CBL, i.e., Rs 202.17 crore. The Board of Directors of the Company, at its Meeting held on October 19, 2022, has granted its approval for the same.

Cravatex imports and distributes products of various brands, such as Johnson, Horizon, Vision, Body Solid, and Magnum. The company also distributes sports shoes and apparels, tennis balls, tennis rackets, and massage chairs and accessories.

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