Indian Terrain Fashions: DSP BlackRock MF sells 1.7% stake

By

Isabelle Crossley

Published
Mar 7, 2018

A sizeable shareholder in Indian Terrain Fashions, DSPBlackRock Trustee Co, has sold 1.7 percent of its stake in the company, according to a Bombay Stock Exchange (BSE) filing.

DSPBlackRock Trustee Co sold 6.46 lakh worth of shares in Indian Terrain Fashions in the open market and carried out the filing procedure on March 1. According to the filing, DSPBlackRock Trustee Co sold the shares on behalf of various schemes of the DSP BlackRock Mutual Fund. The shares were sold at an average weighted price of 202 rupees per share on the BSE.

The deal, estimated to be worth around 13.06 crore rupees (approximately 1.96 million US dollars), brought down the business’ total stake in Indian Terrain by 3.22 percent from the previous 4.92 percent stake. The value of the shares held by DSP BlackRock Mutual Fund before the transaction totalled 18.66 lakh.

The brand announced in December that it is currently targeting 1,000 crore revenue (approximately 150 million US dollars) in the coming three years. In terms of expansion, Indian Terrain is in the process of expanding its sales network and market reach concentrating on north and east India.

Indian Terrain opened its first store in September 2000 and was officially listed in 2011 following a de-merger from its parent company. The brand is currently available in over 700 multi brand outlets (MBOs), 130 large format stores, and almost 100 exclusive brand outlets (EBOs) and is also available online.