Monte Carlo disappoints investors; loses 12% on listing day - Moneycontrol

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Equity shares of Monte Carlo Fashions closed at Rs 566.30 apiece, down more than 12 percent compared to issue price of Rs 645 on Friday. The stock was opened at Rs 585 on the Bombay Stock Exchange.

The stock touched an intraday high of Rs 632.45 and an intraday low of Rs 528.15.

The Ludhiana-based woollen and cotton apparel manufacturer raised Rs 350 crore through the issue of 54.33 lakh equity shares that was opened for subscripion during December 3-5, 2014.

There was no fresh issue of shares. Promoters (including Oswal family & members and other companies) reduced their stake from 81.06 percent to 63.63 percent and Smara Capital, a Mauritius-based PE firm cut its shareholding from 18.51 percent to 10.94 percent through this issue.

Monte Carlo primarily caters to the premium and mid - premium branded apparel segment for men, women and kids, offering a comprehensive line of woollen, cotton and cotton-blended knitted and woven apparel and home furnishings through ‘Monte Carlo Exclusive Brand Outlets’ and MBOs, including a network of national chain stores under the ‘Monte Carlo’ brand.