Wednesday, 1 January 2014

Finolex Industries’ promoter hikes stake

Finolex Industries’ promoter has hiked its stake via creeping acquisition method. Prakash P Chhabria, one of the promoters of the company, has bought over 60,000 shares in past one month via open market purchases. Since December, Prakash P Chhabria has acquired 61,450 shares of Finolex Industries.

Post acquisition, total holding of Prakash P Chhabria in the company has increased to 0.175% from 0.13% at the end of September quarter.

Finolex is the largest player in the fragmented and competitive PVC pipes and fittings market in India, with an overall share of around 22%. In addition, its established brand equity and large dealer network have enabled it to capture a significant share of the growing retail PVC pipe market.

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