V-Guard Industries on Friday announced that Kochouseph Chittilappilly, promoter and Chairman Emeritus of the company has carried share sale.
V-Guard in its regulatory filing revealed that Kochouseph Chittilappilly intimated saying, "The sale of 40 lakh shares of V-Guard Industries Ltd. executed on February 17, 2021was to raise funds for two initiatives I have undertaken as part of my commitment to social causes."
"K Chittilappilly Foundation (KCF), a Section 8 Company formed by me to undertake charitable & philanthropic activities had decided to execute a signature project name "Chittilappilly Square (CS)", as intimated during my earlier stake sale in December 2019. The work of same is in progress and part of the proceeds of yesterday's stake sale will be utilised for the said project," the promoter said.
The promoter also said that KCF had been working over the years in the area of entrepreneurial development. With a vision to expand this initiative by assisting Entrepreneurs who face a shortage of funds to scale up their businesses, by providing credit funds at reasonable rates and terms, we have incorporated a company named K Chittilappilly Capital Pvt. Ltd., which has applied for a Certificate of Registration as an NBFCfrom RBl. Part of the proceeds of the stake sale will also be utilised for funding the said initiative.
On Sensex, V-Gaurd closed at Rs233.80 per piece up 2.10%.
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