Rakesh Jhunjhunwala has picked up 12.7 per cent stake in Mandhana Retail Ventures Ltd that holds licenses to manufacture and sell Salman Khan’s ‘Being Human’ brand of clothing and fashion accessories.
“We had pledged some share with a NBFC and he has picked from there,” Manish Mandhana, director of Madhana Retail said. He also said that he and his other family members had pledged about 60 per cent shares with an NBFC – that he declined to name and Jhunjhunwala has purchased stake from there.
“I have purchased 2.81 million equity shares of The Mandhana Retail Ventures, which is 12.74 per cent of the total issued and paid up capital of the company on December 14, 2016 via off market acquisition,” Jhunjhunwala said.
In November 2014, Mandhana Industries announced the demerger of the company’s retail and trading business of the brand ‘Being Human’ to Mandhana Retail Ventures Ltd. Subsequently Mandhana Retail was listed on the Bombay Stock Exchange.
‘Being Human’ label is owned by the Salman Khan Foundation and Mandhana Retail, that operates a chain of Being Human-branded outlets, pays five per cent royalty on sales to owner.
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