Private equity major Warburg Pincus divested an 8.4% stake in Kalyan Jewellers India for INR 2,937 crore through open market transactions on Thursday.
The US-based Warburg Pincus through its arm Highdell Investment Ltd sold shares of Kalyan Jewellers India on the National Stock Exchange (NSE) and the BSE.
Kalyan Jewellers India specializes in the manufacturing and sale of gems and jewellery.
As per bulk and block deal data available on the exchanges, Highdell Investment disposed of 1.80 crore shares on the BSE. Similarly, Highdell Investment also offloaded more than 6.87 crore shares in three tranches on the NSE.
Around 8.67 crore shares sold represent an 8.42 per cent stake in Kalyan Jewellers India.
The shares were sold at an average price of INR 344.42 each on the BSE. On the NSE, they were disposed of within the price range of INR 334 to INR 339.59 each, resulting in a combined deal size of INR 2,936.96 crore.
After the latest transaction, Highdell Investment’s shareholding in Kalyan Jewellers has declined to 9.17 percent from its previous stake of 17.59 percent (as of the December quarter).
Motilal Oswal Mutual Fund bought around 1.1 crore shares on the BSE. Details of other buyers could not be ascertained on the BSE.
Invesco Mutual Fund (MF), Motilal Oswal MF, Sundaram MF, Franklin Templeton MF, Goldman Sachs, The Master Trust Bank of Japan Ltd AC Nomura India Investment Fund Mother Fund, and Nomura Funds Ireland were among the buyers on the NSE.
Shares of Kalyan Jewellers India surged by 5.89%, closing at INR 357.10 each. On the BSE, the stock saw a 1.84% increase, closing at INR 345.10 per share.
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Last month, Kalyan Jewellers reported a 21.51% growth in consolidated Profit After Tax (PAT), amounting to INR 180.37 crore for the December quarter.
During the corresponding period last year, the company’s PAT was INR 148.43 crore.
The Thrissur-based company’s revenue from operations surged by 34.47% in the third quarter of the current fiscal, reaching INR 5,223.07 crore, compared to INR 3,884.09 crore in the corresponding period of the previous year.
Last year in June, Warburg Pincus divested a 6.2 per cent stake in Kalyan Jewellers India Ltd for INR 725 crore.
