Raymond trades jubilantly on the buzz of offloading minority stake in JK Files

18 Oct 2013

Raymond is currently trading at Rs. 254.20, up by 6.35 points or 2.56% from its previous closing of Rs. 247.85 on the BSE.

The scrip opened at Rs. 257.00 and has touched a high and low of Rs. 259.00 and Rs. 251.70 respectively. So far 43755 shares were traded on the counter.

The BSE group 'B' stock of face value Rs. 10 has touched a 52 week high of Rs. 488.90 on 11-Dec-2012 and a 52 week low of Rs. 176.40 on 28-Aug-2013.

Last one week high and low of the scrip stood at Rs. 263.80 and Rs. 245.00 respectively. The current market cap of the company is Rs. 1557.85 crore.

The promoters holding in the company stood at 39.89% while Institutions and Non-Institutions held 23.79% and 34.95% respectively.

In a bid to raise Rs 250-300 crore, Raymond is reportedly planning to sell minority stake in its engineering subsidiary, JK Files, one of the largest producers of files in the world, with a 30 per cent global market share in cutting and precision tools business. In this regard, the company has appointed Avendus Capital to find a suitable investor.

Raymond will use proceeds from the stake sale to fund global buyouts, as well as expanding its manufacturing facilities.

JK Files, established as a division of Raymond in 1949, earns 60 per cent of its revenue from exports, in 70 countries worldwide. The company has launched a range of products in hand tools and the agricultural implements industry recently.

Raymond is one of India’s largest branded fabric and fashion retailers. It is one of the leading, integrated producers of suiting fabric in the world, with a capacity of producing 31 million meters of wool & wool-blended fabrics.

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