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Stocks

VLS Finance sells stake in Relaxo Footwear to Jwalamukhi Investment

Relaxo Footwear

Relaxo Footwears Limited commenced its journey with the manufacture of Hawaii slippers. It has now grown into a large-scale entrepreneurship catering to the basic needs of the quintessential Indian citizen. Today, the company manufactures over 3 lakh pairs of footwear per day, which approximately adds up to over 10 million pairs per year at the 9 state-of-the-art manufacturing units in Northern India.

Relaxo Footwear Share Price April 2016

VLS Finance (also VLS Securities) which held 16,207,760 shares or 13.50% as of December, 2015 sold 1,770,969 shares or 1.48%.

Private equity (PE) firm WestBridge Capital, through its unit Jwalamukhi Investment Holdings purchased this stake of 1.48% and as well purchased an additional 95k shares thereby bringing its shareholding to 1,866,277 shares or 1.55%.

WestBridge Capital is a highly experienced investment firm, managing over $1.2 billion of capital, which focuses on investments in India. WestBridge was co-founded by KP Balaraj, Sumir Chadha, SK Jain and Sandeep Singhal. The same team of four also co-founded Sequoia Capital India.

This investment is in addition to the ones made in Indiamart and Videocon D2H.

Relaxo Jwalamukhi Investments VLS Finance April 2016

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