Salman Khan created "Being Human" brand manufacturer Mandhana Retail locked at upper circuit
DSIJ Intelligence / 15 Dec 2016
Textile retail company which manufactures clothes for Salman Khan owned Being Human brand saw its shares locked up at upper circuit in trading at Rs 238.10, up by 5 per cent. Mandhana Retail got listed on the bourses on Wednesday, December 14.
Textile retail company which manufactures clothes for Salman Khan owned Being Human brand saw its shares locked up at upper circuit in trading at Rs 238.10, up by 5 per cent. Mandhana Retail got listed on the bourses on Wednesday, December 14.
The company has global licensing arrangement with Being Human – The Salman Khan Foundation, to manufacture and distribute textile products; and the royalties from the clothing line support the foundation in it works.
Mandhana Retail listed at Rs 213.40 on NSE before closing the day at Rs 224.05. Company's parent Mandhana Industries too was locked up in at Upper circuit at Rs 41.55, up by 20 per cent.
Fundamentally the parent does not look to be in a good shape, having a huge pile of debt which is close to Rs 700-800 crore. The company has entered into a debt restructuring plan with the lenders.
In another development, which bodes well for the company, big bull, Rakesh Jhunjhunwala bought close to 13 per cent stake in the company via an off-market transaction.
Investment by ace investors can be a good sign for the company going forward, betting on the business model and subsequently renewal of brand license with Salman Khan’s Being Human.
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