Highdell Investment sells 6.2% stake in Kalyan Jewellers for Rs 725 cr

Highdell Investment, owned by major US-based private equity firm Warburg Pincus, has liquidated 6.2 per cent stake in Kalyan Jewelers India Ltd for Rs 725 crore through an open market transaction.

The Franklin Templeton Mutual Fund (MF), Sundaram MF, BNP Paribas Arbitrage, Citigroup Global Markets Mauritius, and Employees Provident Fund, among others, were buyers of Kalyan Jewellers’ shares.

After the deal, shares of Kalyan Jewelers rose 17.16 per cent to close at Rs 133.80 a piece on the National Stock Exchange (NSE).

According to available block deal data with the NSE, Highdell Investment sold a total of 6,41,02,561 shares, corresponding to a 6.2 percent stake in the jewelry chain company.

Shares were disposed of at an average price of Rs 113.10 per lot, taking the deal size to Rs 724.99 crore, according to the data.

After the latest deal, Highdell’s stake was reduced to 17.6 percent from 23.82 percent at the end of March.

In March this year, Highdell Investment divested 2.26 per cent stake in Kalyan Jewelers for Rs 256 crore.

Kalyan Jewelers India Pvt Ltd manufactures and sells precious stones and jewellery.

In a separate deal, FIH Mauritius Investments sells a 1.3 per cent stake in IIFL Finance for Rs 250 crore through an open market transaction.

FIH Mauritius Investments is a subsidiary of Canadian billionaire Prem Watsa’s Fairfax Group.

As per data available with NSE, FIH Mauritius Investments has sold 50 lakh shares, amounting to 1.3 per cent stake in IIFL Finance.

The shares were sold at an average price of Rs 500 apiece, bringing the transaction value to Rs 250 crore.

These shares were purchased by DSP Mutual Fund.

The latest shareholder data on the stock exchange showed that FIH Mauritius Investments held a 22.25 percent stake in the company as of the March quarter.

On Friday, shares of IIFL Finance rose 2.49 per cent to settle at Rs 511.15 apiece on the New York Stock Exchange.