V-Guard promoter sells shares worth `90 cr for social causes
: Kochouseph Chittilappilly, the promoter of V-Guard Industries who donated his kidney to a stranger a decade ago, has raised Rs 90 crore by selling 40 lakh shares of the company for social causes. Earlier in 2019 also he had raised Rs 110 crore by selling shares.
"The sale of 40 lakh shares of V-Guard lndustries executed on February 17, 2021 was to raise funds for two initiatives I have undertaken as part of my commitment to social causes," Chittila-ppilly said in a regulatory filing.
K. Chittilappilly Foundation (KCF), formed to undertake charitable and philanthropic activities will use the proceeds of the sale to execute "Chittilappilly Square" envisioned as the hub for social activities with a vast public park with garden, walking and jogging tracks, sports and games areas, yoga and health club, amphitheatres, auditorium and multiple halls for social gatherings, a heritage and cultural
museum, exhibition centre, library and reading room, model organic farm, etc.
KCF also has been assisting entrepreneurs who face shortage of funds to scale up their businesses, by providing credit funds at reasonable rates and terms. A company named K. Chittilappilly Capital has been incorporated and it has applied for Certificate of Registration as a NBFC from the RBl. Part of the proceeds of the stake sale will also be utilised for funding the initiative.
Chittilappilly had raised Rs 110 crore in 2019 by selling 51.20 lakh shares in the open market, mainly for buying land for Chittilappilly Square. According to Mithun Chittilappilly, managing director of V-Guard Industries, the promoter group holding in the Kochi-based electrical appliances manufacturer has come down from 64 per cent four years back to
60 per cent now. It was 70 per cent during the IPO in
2008 and had gone up to 74 per cent after the buyback of shares two-three years later.
Kochouseph Chittilappilly is likely to sell part of his shares in the company in the future also for his social causes, said Mithun. This will see the promoter group holdings coming further down.
Earlier in 2011, after turning 60 years, Kochouseph Chittilappilly had donated one of his kidneys to a truck driver-a total stranger in need. He has also promised to donate one-third of his fortune in his lifetime for various philanthropic activities.
Ahmedabad, Feb. 19: A net bowler with the Indian team right now, uncapped Karnataka allrounder Krishnappa Gowtham is still trying to get a grip on his emotions after fetching a mind-boggling `9.25 crore deal with Chennai Super Kings which left his parents and wife overwhelmed by tears of joy.
After a bidding war at the IPL auction in Chennai on Thursday, Gowtham was bought by CSK, his price surpassing that of Krunal Pandya’s then record of `8.8 crore by the Mumbai Indians in 2018 for an uncapped player.
“It was nerve-wracking, I was very anxious, watching on TV,” Gowtham, who is currently with the Indian Test team here as a net bowler for the series against England, told ESPNcricinfo.
“We’d just landed in Ahmedabad and I’d just switched on TV and my name came up. Emotions were changing every minute. Then, Rohit Sharma and Hardik Pandya knocked on my door and gave me a big hug and they asked for a big treat,” he added.
His base price was `20 lakh, and he was quickly the focus of a fierce bidding war between the Kolkata Knight Riders and the Sunrisers Hyderabad, before CSK swooped in with a late bid.
Krishnappa has modest
— after fetching a mind-boggling deal with
Chennai Super Kings
IPL statistics. He has played just 24 matches in three seasons since 2018 and has scored 186 runs and taken 13 wickets.
He was a part of RR for two seasons — 2018 and 2019 playing 15 and 7 matches respectively — and was with Kings XI Punjab (now Punjab Kings) in 2020 where he featured in just two games before being released.
Gowtham’s parents and wife in Bengaluru were in tears when they came to know of the good news.
“My parents had tears, happy tears. They were all so happy for Gowtham said.
“It’s hard to describe that feeling. It’s all just sinking in. Obviously this isn’t the first time I’ve been part of the auction but every time your name comes up, the kind of butterflies in your tummy is unimaginable,” he added.
Gowtham will be playing under M. S. Dhoni and he remembers queuing up with a few other uncapped players to get his bat signed by the legendary wicketkeeper batsman after an IPL game three years ago. —
me,”