DSP BlackRock Trustee Co has trimmed its stake in apparel brand Indian Terrain Fashions by 1.70 percent after selling 6.46 lakh shares in the open market.
As per a BSE filing, DSP BlackRock Trustee Co, on behalf of various schemes of DSP BlackRock Mutual Fund, decreased its shareholding in the company on March 1, PTI reported.
Before the transaction, the schemes of DSP BlackRock Mutual Fund held 18.66 lakh shares amounting to 4.92 percent stake which has been brought down to 3.22 percent after the open market sale, it added.
According to a PTI report: The transaction was based on the weighted average price of Rs 202 per share on BSE. The deal is estimated to be worth Rs 13.06 crore.
Indian Terrain Fashions is looking to be a Rs 1,000 crore firm by 2020-21 as the company expands its sales network and reach, particularly in north and east India.
The company, which reported a revenue of Rs 400 crore in 2016-17, retails its products through over 140 exclusive stores and 249 departmental stores across the country. It also sells its products through over 1,200 multi-brand outlets.