Go Fashion gains as SBI Funds Management picks up 0.85% stake

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NEW DELHI – Shares of Go Fashion India gained close to 2 per cent in early trade on Wednesday after SBI Funds Management acquired a 0.85 per cent stake in the company via an open market transaction on January 3, increasing shareholding in the company to 5.43 per cent from 4.57 per cent earlier.

Go Fashion’s counter climbed to a high of Rs 1,065 against Rs 1,046.70 on the National Stock Exchange.

The latest development comes on the back of SBI Mutual Fund purchasing 3 million equity shares for Rs 351.6 crore on December 9, 2021.

The mutual fund purchased shares at an average price of Rs 1,172 per share from India Advantage Fund S4 on the NSE, the bulk deal data shows.

After making its stock market debut on November 30, Go Fashion witnessed a hefty decline in share price once anchor investors’ deadline to sell the stock ended.

At current levels, the stock is around 23 per cent lower than the price at which it was listed. On the BSE, the issue price was set at Rs 690 per share.

Go Fashion India which was incorporated in 2010, ranks as one of the country’s largest women’s apparel brands and is engaged in the development, design, sourcing, marketing and retail of a range of women’s lower-wear products under the brand ‘Go Colors’.