Ashish Kacholia-backed Garware Hi-Tech Films shares list on NSE; stocks close nearly 2% lower

Ace investor Ashish Kacholia-backed commodity chemicals company Garware Hi-Tech Films Limited list its shares on NSE on Thursday. The company states the aim to list on the NSE, is to increase investor participation and enhance shareholder value, it said in press statement. 

The stock is already trading on the BSE at Rs 847.55 per share, down around 3 per cent on Thursday. 

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“After launching new product lines, re-branding our products and changing company’s name to align with our new vision and growth strategy, the next logical step was to list on NSE, Monika Garware, Vice-Chairperson and Jt. Managing Director of the company said in a comment. 

“Listing on NSE shall provide an additional platform for new investors to participate in GHFL’s growth journey, increase investor participation and enhance value for all shareholders,” she added.   

The renowned investor Ashish Kacholia, who is fondly called as Big Whale of the Indian stock market, holds 758,577 equity shares, which aggregates to about 3.3 per cent stake in the company, as per the December shareholding pattern of the company available of the BSE.  

A flagship company of the Garware Group, Garware Hi-Tech Films makes Hi-Tech specialty performance polyester films in India and state-of-the-art manufacturing facilities at in Maharashtra. 

The plant is vertically integrated, from manufacture of polyester chips to the finished product of polyester films with four independent manufacturing lines and a business that spans the globe.   

Polyester Films are used for variety of end-applications such as PET Shrink films for Label application, Low Oligomer PET films for insulation of hermetically sealed compressors motors, Electric motor and cable insulation, sequin application films, TV and LCD screen application among others.