Rajesh Exports chairman distances promoters from LIC's 10.8% stake as stock slides 14%
Chairman Rajesh Mehta said promoters have no link to LIC's 10.8% holding, accumulated via open-market buys over 20 years. Stock hit Rs 94.50 lower circuit amid regulatory scrutiny, down 14% since June 3, with Mehta arguing retail shareholders have benefited from LIC's long-term accumulation.
What happened
Rajesh Exports chairman Rajesh Mehta distanced promoters from LIC's 10.8% stake accumulation amid regulatory pressure and a 14% stock slide, saying LIC bought
Key facts
- 10.80% LIC stake
- Rs 94.50 lower circuit
- 14% decline since June 3
- 20 years accumulation
Why this matters
Rajesh Exports' depressed valuation and governance noise could create an opening for strategic accumulators, but any M&A approach must navigate LIC's sizable independent position.