Kochouseph Chittilappilly the promoter and chairman of electrical appliances manufacturer V-Guard Industries raised Rs 90 crore by selling 40 lakh shares in the company. The sale of shares was done for raising funds for social causes.
According to a statement issued in a regulatory filing, Chittilappilly said that 40 lakh shares of V-Guard industries were sold on February 17, 2021, to raise funds for two initiatives undertaken for the commitment towards social causes.
Chittilappilly Square (CS) is an important project undertaken by the K Chittilappilly Foundation (KCF) formed for providing charitable and philanthropic activities.
The proceeds of shares sold will be utilized for the project being undertaken. KCF is also working in the field of entrepreneurial development over the years above the charity and social activities are undertaken.
The weighted average price per share of V-Guard Industries is Rs 225.15 and thus a sale of 40 lakh shares will raise an estimated Rs 90 crores.
K Chittilappilly Capital Pvt. Ltd. Is formed with the vision to support entrepreneurs who are facing a lack of funds to expand the business, the institution will provide credit at a reasonable rate of interest and minimum terms and conditions. The certificate of registration for becoming an NBFC is also being filed with the RBI.
A part of the earnings from the sale of shares will be used to fund the initiative.
The shares of V-Guard saw a rise ending at Rs 233.80 per share which is a rise of 2.10 percent.