V-Guard Industries chairman sells shares worth Rs 90 crore for charitable purposes

Kochouseph Chittilappilly, Chairman and Promoter of V-Guard Industries sold 40 lakh of his shares in the electrical appliances manufacturer. As of February 17, 2021, a single equity share of V-Guard Industries was valued at Rs 225.15, which makes the total donation amount nearly Rs 90 crore.

Chittilappilly, in a regulatory filing, said, “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 is the founder of the K Chittilappilly Foundation (KCF) which he had created to take on some welfare-related and humanitarian projects and philanthropic activities.

Talking about a major project ‘Chittilappilly Square (CS)’, he said, “the KCF had decided to execute its signature project and the work of the same is in progress and part of the proceeds of stake sale will be utilized for the said project. KCF had been working over the years in the area of entrepreneurial development.”

He informed, “with a vision to assist entrepreneurs who face a shortage of funds to scale up their businesses, by providing credit funds at reasonable rates and terms, they have incorporated a company named K Chittilappilly Capital Pvt. Ltd., which has applied for Certificate of Registration as an NBFC (Non-banking financial company) from RBl.”

Part of the capital obtained from this sale will also be used to fund the KCF’s project.