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  5. Metro Brands block deal: 2.2% equity changes hands at ₹1,260 apiece

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Metro Brands block deal: 2.2% equity changes hands at ₹1,260 apiece

Upstox
By Upstox News Desk

2 min read | Updated on September 06, 2024, 10:09 IST

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SUMMARY

As per reports, 59.5 lakh shares, or 2.2% equity, of the company changed hands at an average price of ₹1,260 per share. The size of the deal was reported to be ₹750 crore. 

Stock list

METROBRAND
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Metro Brands announced dividend of ₹2.25 per equity share

Metro Brands, the multi-brand footwear retail company based in Mumbai, witnessed a large trade in the block deal window on Friday, September 6. 

As per reports, 59.5 lakh shares, or 2.2% equity, of the company changed hands at an average price of ₹1,260 per share. The size of the deal was reported to be ₹750 crore. 

Post the development, shares of the company were trading 1.28% lower at ₹1,257.00 apiece on the BSE. 

Rakesh Jhunjhunwala-backed Metro Brands made a weak debut on the bourses in 2021. The stock was listed at a 13% discount to its IPO price of ₹500 per share. It listed at ₹436 on the BSE.

Metro Brands is a footwear retailer that targets the economy, mid, and premium segments in the Indian footwear market. It opened its first store under the ‘Metro’ brand in Mumbai in 1955 and has since evolved into a one-stop shop for all footwear needs.

ALSO READ | Indigo Paints block deal: 25% equity changes hands; shares drop 3.5%

Metro Brands reported a 1% year-on-year decline in net profit for the first quarter of the current financial year (Q1 FY25).

The footwear brand recorded a net profit of Rs 92.27 crore for the quarter-ended June, as compared to Rs 93.50 crore in the same quarter of the previous fiscal. 

Its revenue decreased by 1.1% year-on-year for the quarter ended June, as per news reports.

In August, the company said in an interview with CNBC-TV18 that it has identified 50 new locations where they believe the brand can thrive and it can broaden the customer base. This plan will also see the company adding 200 new stores in the next two years.
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Upstox News Desk is a team of journalists who passionately cover stock markets, economy, commodities, latest business trends, and personal finance.

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