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HDFC MF, ADIA pick Inox Leisure shares in bulk deal; stock up nearly 8%

HDFC MF, ADIA pick Inox Leisure shares in bulk deal; stock up nearly 8%

HDFC MF, ADIA pick Inox Leisure shares in bulk deal; stock up nearly 8%
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By CNBCTV18.com Aug 12, 2020 1:48:36 PM IST (Published)

Inox Benefit Trust offloaded its entire stake in Inox Leisure (4.23 percent) on Tuesday, worth Rs 101 crore via open market transactions.

Inox Benefit Trust offloaded its entire stake in Inox Leisure (4.23 percent) on Tuesday worth Rs 101 crore via open market transactions. The shares were sold at Rs 233/ per share, showed the BSE data.

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At 12:59 pm, the stock traded 7.68 percent higher to Rs 253.70 apiece on the NSE.
In separate transactions, Inox Leisure was picked by three famous funds i.e. HDFC Mutual Fund, Abu Dhabi Investment Authority, and Skale Master Fund.
ADIA, HDFC MF and Skale Master Fund acquired 11.25 lakh, 23.7 lakh and 8,55,092 equity shares, respectively, in the stock at the same price.
In its June quarter earnings, the multiplex chain reported a net loss of Rs 73.64 crore as compared to the profit of Rs 27.01 crore during the corresponding quarter last year.
Revenue from operations slipped about 100 percent to Rs 25 lakhs as against Rs 493 crore in the same quarter last year.
According to the company, the unprecedented circumstances took place due to "not even a single day of operations in Q1FY21".
Inox Group Director said, "This phase has posed a tough challenge to our aspirations, but we are confident of not only seeing through it but also script and extraordinary comeback tale."
He also added that the company is earnestly looking forward to the directives from the Government of India to resume operations.
 
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