Campus Activewear falls after large block deal; TPG likely seller

Ratings agency Crisil believes that Campus group will continue to benefit from its healthy market position, aided by strong brand visibility

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Sports shoemaker Campus Activewear opened 4 percent lower on March 24 after 8.1 percent equity of the company changed hands in a block deal. While the buyers and sellers were not known immediately, it was earlier reported that TPG Global will be selling its entire stake in the company.

At 9:20 am, the stock was quoting at Rs 352.30 on the NSE, lower by 4.8 percent from the previous close. The stock is down 14 percent in 2023 so far.

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Sources told CNBC-TV18 on March 24 that TPG Global, which currently holds a 7.62 percent stake in the company, was looking to sell its entire holding via a block deal.

The floor price for the block deal was set at Rs 345 per share, indicating a 6.5 percent discount on the previous closing price.

Another big foreign institutional holding is Kuwait Investment Authority Fund with 1.27 percent.

Campus Activewear is one of India’s largest sports and athleisure footwear brands in terms of value and volume. The stock made its debut last year in April 2022 last year with most brokers recommending a ‘Subscribe’ rating on it.

Ratings agency Crisil believes that Campus group will continue to benefit from its healthy market position, aided by strong brand visibility. However, investors need to note that the business is constrained by the price sensitivity of the target segment, which limits the ability to pass on any sharp increase in raw material prices to customers.

The stock has given about 4.8 percent returns since one year of its listing with a lot of wealth erosion coming in the last six months.

In the quarter ended December 2022, Campus Activewear’s consolidated net profit declined 11.7 percent year-on-year to Rs 48.31 crore. However, its revenue from operations rose 7.4 percent to Rs 465.62 crore.

During the September to December 2022 period, foreign investors as well as domestic institutional investors reduced their stake marginally in the company.

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