Five entities, including promoters, today sold 8.5 per cent stake in Kishore Biyani-led Future Lifestyle Fashions for nearly Rs 700 crore, through open market transactions.
Among the five entities, four are promoters namely Surplus Finvest, Suhani Trading and Investment Consultants, Future Ideas Company and Ryka Commercial Ventures while the fifth one is Pioneer Investment Fund.
According to the block deal data available with the BSE, the five entities together disposed of 1.61 crore shares, amounting to 8.46 per cent stake in Future Lifestyle Fashions.
Majority of the shares were offloaded at an average price of Rs 434, while some were sold at a price of Rs 438 apiece, valuing the transaction at Rs 699.43 crore, the data showed.
Among the buyers of the shares were Bennett, Coleman & Company and Spectacular Investment Pte.
Pioneer Investment Fund and Bennett, Coleman & Company are shareholders in the company.
Shares of Future Lifestyle Fashions ended on the BSE at Rs 420.50, down 3.83 per cent from the previous close.
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