Arisaig India Fund trims stake in Future Consumer by 2 pc

Arisaig India Fund Ltd has cut its stake in Future Consumer by 2 per cent by selling 3.84 crore shares in the open market. According to a BSE filing, Arisaig India Fund offloaded 3.84 crore shares, or 2 per cent stake, on July 13. Based on the weighted average price of the stock at Rs 11.63 per scrip on July 13, Arisaig India Fund's stake sale would be for an estimated value of Rs 44.65 crore.

Arisaig India Fund decreased its shareholding in the company from 5.16 per cent to 3.16 per cent. Last week, Future Consumer Ltd reported a consolidated net loss of Rs 175.46 crore for the quarter ended March 2020. The company had reported a net profit of Rs 7.53 crore in the January-March period of the previous financial year. Its revenue from operations slipped 8.70 per cent to Rs 947.07 crore, against Rs 1,037.37 crore earlier.

The company is engaged in the business of sourcing, manufacturing and marketing fast-moving consumer goods (FMCG) and processed food products. Future Consumer's shares were trading 3.10 per cent higher at Rs 11.65 apiece on the BSE during the day.

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