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The promoter group has cross shareholdings between two listed companies which was eliminated by selling Momai Apparel’s shares through the open market. This resulted in promoter group shareholding decreasing from 68 percent to around 54 percent. Capital raised from sale of shares was used to repay the long term debt of around Rs 40 crore in the merged entity. After the completion of merger, the promoter group has acquired over 3 percent shares in the last 6-8 months and increased its stake to more than 57 percent (from 54 percent). AIFL has a retail presence in 15 cities

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