ADIA Buys 2.47% Stake In Gokaldas Exports


The Abu Dhabi Investment Authority bought 2.47% stake in the company on September 30 

Abu Dhabi Investment Authority (ADIA) acquired 15 lakh equity share from Gokaldas Exports, at an average price of Rs 349.75 a share. The company rose by 5% on October 3, after ADIA brought the equity shares.

ADIA is owned by the Emirate of Abu Dhabi, who bought these shares in a mass deal that was executed on September 30. Clear Wealth Consultancy Services LLP sold 15 lakh shares at the same price.

Also Read  Finland Takes The Lead In Circular Fashion

On October 3, at noon, the company’s trading price closed at Rs 365.05 on the National Stock Exchange (NSE), while on October 7, the company’s trading price in the morning went up to Rs 442.85 and closed at Rs 397.70 on the same day on NSE.

Experts believe the company is a big beneficiary of the move towards China-plus-one strategy. The US is a key market for Gokaldas Exports and accounts for 75-80 percent of revenue, while Europe contributes 4 percent.

Also Read  Circ Raises US$ 30 Million To Scale Textile Recycling

“Opportunity for Indian textile sector is huge in the exports market. We are witnessing orders shift from China to India due to low-cost structures and US curbs. Production in China is 30-40 percent more expensive than India.”, said Sivaramakrishnan Ganapathi, Managing Director, Gokaldas Exports

To capitalise on this, the company has planned Rs 280 crore capex between FY23 and FY24. New factories are expected to start by the end of FY23.

Also Read  Producing Mélange Yarns With Rieter Ring Spinning System


Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.