Home Retail Bharti Group entity sells Future Retail stake worth Rs 1,697 crore

    Bharti Group entity sells Future Retail stake worth Rs 1,697 crore

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    ’s on Thursday sold more than half of its stake in Kishore Biyani’s for nearly of Rs 1,697 crore, through open market transactions.

    Bharti Group entity sells Future Retail stake worth Rs 1,697 crore
    Sunil Bharti Mittal's Bharti Group on Thursday sold more than half of its stake in Kishore Biyani's Future Retail for nearly of Rs 1,697 crore, through open market transactions

    According to a PTI report: Bharti Group entity Cedar Support Services disposed of 3.03 crore shares, amounting to 6.04 percent stake in Future Retail, according to the bulk deal data available with the NSE.

    The shares were offloaded at an average price of Rs 560.01, valuing the transaction at Rs 1,696.83 crore.

    Cedar, which held 9.23 per cent stake in Future Retail as on March 31, 2018, had recently exited from Biyani’s Future Enterprises.

    Among the buyers of the shares was Pi Opportunities Fund I and Pioneer Investment Fund.

    Pi Opportunities Fund I bought 2.27 crore shares at an average price of Rs 560 for a total of Rs 1,272.71 crore.

    Pioneer Investment Fund picked up 71.43 lakh shares at an average price of Rs 560 for Rs 400 crore.

    Last month, Cedar had exited Future Enterprises by selling its 13.64 per cent stake for nearly Rs 243 crore.

    In May 2015, Future group had acquired Bharti group’s retail business under the EasyDay chain in an all-stock deal worth Rs 750 crore to create one of the biggest supermarket chains.

    Following the deal, Bharti Group’s retail business had merged with Future Retail.

    Separately, the bulk deal data on the BSE showed that Cygnet Industries sold 12.89 lakh shares of Century Textiles & Industries for Rs 120.36 crore.

    All the shares were bought by Pilani Investment and Industries Corporation.