Stock in focus: Electrical appliances manufacturer V-Guard Industries Limited promoter and chairman emeritus Kochouseph Chittilappilly has sold 40 lakh shares in the company worth Rs 90 crore to fund social causes.

 "The sale of 40 lakh shares of V-Guard Industries Ltd executed on February 17, 2021 was to raise funds for two initiatives I have undertaken as part of my commitment to social causes," Chittilappilly said in a regulatory filing.

As per Chittilappilly, the K Chittilappilly Foundation (KCF) was formed to undertake charitable and philanthropic activities and had decided to execute a signature project named "Chittilappilly Square (CS).

"K Chittilappilly Foundation (KCF), a section 8 company formed by me to undertake charitable and philanthropic activities, had decided to execute a signature project named 'Chittilappilly Square' as intimated during my earlier stake sale in December 2019. The work of same is in progress and part of the proceeds of stake sale will be utilized for it," he said. KCF had been working over the years in the area of entrepreneurial development, he said.

Based on the weighted average price of V-Guard Industries' at Rs 225.15 per equity share on February 17, 2021, sale of 40 lakh shares is estimated at Rs 90 crore.

On Friday, shares of V-Guard Industries Ltd closed on NSE at Rs 232.75 per piece, up by 1.64 percent from their previous close.

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