Campus Activewear shares tank 9% after TPG sold entire 7.62% stake

Shares of Campus Activewear plunged almost 9 per cent after TPG sold its entire 7.62 per cent stake in the company via block deals. The private equity major sold 23.2 million shares at Rs 347.24 apiece for a total of Rs 806 crore. 

Among the buyers were Fidelity and Societe Generale. Shares of the shoe manufacturer closed at Rs 338 on the NSE, where Rs 1,229 crore shares changed hands. 

Campus got listed in May 2022. In its IPO, the company had sold shares at Rs 292 apiece. The stock then went onto hit Rs 640. At its last close, the company was valued at Rs 10,321 crore. 

For the quarter ended December 2022, the company had reported net profit of Rs 48 crore on revenue of Rs 466 crore.