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Warburg Pincus divests 8.4% stake in Kalyan Jewellers for Rs 2,937 crore

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The US-based Warburg Pincus through its arm Highdell Investment Ltd sold shares of Kalyan Jewellers India on NSE and the BSE

New Delhi: Private equity major Warburg Pincus on Thursday divested an 8.4 per cent stake in Kalyan Jewellers India for Rs 2,937 crore through open market transactions.

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 is into manufacture 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 Rs 344.42 apiece on the BSE, while the shares were disposed of within the price range of Rs 334-339.59 apiece on the NSE, taking the combined deal size to Rs 2,936.96 crore.

After the latest transaction, Highdell Investment’s shareholding in Kalyan Jewellers have declined to 9.17 per cent stake from 17.59 per cent stakeholding (as of 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 jumped 5.89 per cent to close at Rs 357.10 apiece. The scrip gained 1.84 per cent to close at Rs 345.10 apiece on the BSE.

Last month, Kalyan Jewellers reported a 21.51 per cent growth in consolidated Profit After Tax (PAT) at Rs 180.37 crore for the December quarter.

The company’s PAT stood at Rs 148.43 crore during the year-ago period.

Its revenue from operations of the Thrissur-headquartered company grew 34.47 per cent during the third quarter of the ongoing fiscal to Rs 5,223.07 crore as against Rs 3,884.09 crore in the year-ago period.

Last year in June, Warburg Pincus, divested a 6.2 per cent stake in Kalyan Jewellers India Ltd for Rs 725 crore.

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