Go Fashion stocks rise as SBI Funds Management picks up stake
Go Colors’ parent entity Go Fashion saw its stock gain almost 2% on the National Stock Exchange in early trading on Wednesday following fund management business SBI Funds Management’s stake acquisition.
SBI Funds Management picked up a 0.85 stake in Go Fashion through an open market transaction on January 3. This investment increased the business’ shareholding in Go Fashion from 4.57% to 5.43% and led to an increase in Go Fashion’s share prices, the Economic Times reported.
Go fashion debuted on the stock market on November 30, 2021 but the move resulted in a sharp share price drop following the deadline for anchor investors to sell stock. Despite the recent rise in stock prices, the business’ stock is still trading at around 23% lower than the price for which it was originally listed.
SBI Mutual Fund purchased three million equity shares in Go Fashion on December 9, 2021. Go Fashion is one of the largest women’s clothing brands in India and its brand Go Colors specialises in women’s bottom wear including leggings and trousers in a wide variety of colours.
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