Cigarette major ITC has offloaded 1.46% stake in VST Industries, the maker of brands such as Charms and Charminar. The company has sold total of 2.25 lakh shares for Rs 1749.54 a piece putting the total deal size at Rs 40 crore. As on June 30, 2012, ITC had a 1.12 percent stake in VST.
Amongst the buyers, SBI Mutual Fund has purchased 1.52 lakh shares for Rs 1,740 a piece.
VST Industries is engaged in tobacco and related products business. Its products include cigarettes, unmanufactured tobacco, cut tobacco and other articles of paper and paper board. The major brands of the company include Charminar, Charminar Special Filter, Charms Mini Kings and Charms Virginia Filter, XL Filter and Shaan. Its products are targeted at the lower end of the market and have dominance in the small-sized (less than 60 mm) micro segment.
