Spencer Retail: Radhakrishnan Damani raises stake

Spencer Retail: Radhakrishnan Damani raises stake

Spencer Retail share price jumped over 6% Monday in early trade after ace investor Radhakishan Damani raised his stake in the company.
As per the BSE shareholding pattern for the quarter ended September 2020, Radhakishan S Damani increased his stake to 2.20% from 2.09% in the quarter ended June 2020.
He bought additional 3,25,000 share in the company in the July-September quarter from 16,61,324 shares in June 2020.

It may be recalled, in August, the multi-format omnichannel retailer raised Rs 80 crore by selling 1,06,04,563 rights equity shares at an issue price of Rs 75 per share. The money was raised for working capital requirements (Rs 60 crore) and rest for general corporate purposes.
The rights entitlement ratio is 2 rights equity shares for every 15 equity shares held by the eligible shareholders on the record date.

Spencer’s Retail reported a 27% fall in standalone revenue from operations at Rs 439 crore for the first quarter ended June 30 as compared to the same period last year, while it posted a net loss of Rs 47 crore as compared to a net profit of Rs one crore in the year ago period.

The result reflects the impact of lockdown, limited operational hours, and restrictions on selling of higher margin non-essential items such apparel, general merchandise and other non-food items. The loss of business hours was partly offset by the e-commerce business which grew five-fold in the quarter under review, while the out-of-store business such as e-commerce, sales in resident apartments and delivery business constituted double digit share of sales.

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