Zodiac against selling Shoppers Stop shares

Zodiac Clothing has been very active of late after

private investors Nemish Shah and Akash Bhansali bought a large chunk of stock in it. It owns 17 lakh shares in Shoppers Stop and has decided against selling them off, terming it as an important strategic investment in the sunrise sector.

Recently, India Capital Management Fund and India Capital Opportunities 1 fund had exited their investment in Zodiac Clothing Company, through a bulk deal on BSE. India Capital Fund and India Institutional Fund together sold 23,06,123 shares (11.46 percent) for Rs 175.03 each aggregating around Rs 40.36 crores, while India Capital Opportunities 1 fund sold around 203701 shares (1.06 percent) for Rs 175.03 each aggregating around Rs 3.56 crores.

Incorporated in 1984 and promoted by M Y Noorani, Zodiac Clothing manufactures neckties and premium formal and club menswear. The company exports readymade garment to Europe, UK, North America. Zodiac markets and distributes party/club wear through its sub-brand ZOD! and in relaxed casual wear category through a recently launched sub-brand Z3. All the three brands, ‘Zodiac’, ‘ZOD!’ and ‘Z3’ are under a perpetual licensing arrangement from its group company, Metropolitan Trading Company (MTC), a partnership firm that is 100 per cent owned by the promoters.