Nandan Denim up 6% after promoter buys stakes in the company

The stock was trading higher by 6% to Rs 141 on BSE.

Nandan Denim was trading higher by 6% to Rs 141 on BSE after the company engaged in textiles business said that the promoter of the company has acquired 235,009 equity shares representing 0.49% stake via open market.

“On June 30, 2017, Vedprakash Devkinandan Chirpal had bought 100,000 equity shares from the open market on NSE and BSE,” NDL said in a regulatory filing.

Earlier on June 27, 2017, Vedprakash Devkinandan Chirpal had purchased 80,000 shares, while on June 23, he purchased 55,009 shares via open market, it added.

Post acquisition, Vedprakash Devkinandan Chirpal total holding in the company increased to 0.49% from nil holding as on June 22, 2017.

Nandan Denim (NDL) is a textile manufacturer and is a part of the Chiripal Group. NDL is a Gujarat based company. It is the second largest denim manufacturer in India and fifth largest in the world. NDL commenced its operations in 1994 with textile trading business and forayed into textile manufacturing in 2004. NDL is currently engaged in manufacturing denims, cotton fabrics and khakis.