Festive spirit

Reliance Mutual Fund makes merry as Radico Khaitan rockets

Reliance AMC recently sold 3.5 million shares of Radico Khaitan for Rs.58 crore. Post the sale, the Manish Gunwani-helmed Reliance MF’s stake is down from 8.29% to 5.66%. Gunwani is CIO – equities of Reliance MF having recently moved from ICICI Prudential MF. The sale comes at an opportune time as the price has galloped 94% year-to-date driven by premiumisation of Radico’s product portfolio. Radico has been a legacy holding for Reliance MF and the fund has kept churning its holding for a while now.