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

Highdell Investment, owned by US-based private equity major Warburg Pincus, on Friday divested a 6.2 per cent stake in Kalyan Jewellers India Ltd for Rs 725 crore through an open market transaction.

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

Following the deal, shares of Kalyan Jewellers zoomed 17.16 per cent to close at Rs 133.80 per piece on the National Stock Exchange (NSE).

According to the block deal data available with the NSE, Highdell Investment sold a total of 6,41,02,561 shares, amounting to a 6.2 per cent stake in the jeweller chain company.

The shares were disposed of at an average price of Rs 113.10 apiece, taking the transaction size to Rs 724.99 crore, as per the data.

Post the latest transaction, Highdell's shareholding has been reduced to 17.6 per cent from 23.82 per cent stake at the end of March.

In March this year, Highdell Investment pared a 2.26 per cent stake in Kalyan Jewellers for Rs 256 crore.

Kalyan Jewellers India Pvt Ltd is into manufacturing and sale of gems and jewellery.

In a separate block 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-backed Fairfax Group.

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

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

These shares were acquired by DSP Mutual Fund.

FIH Mauritius Investments owned a 22.25 per cent stake in the company as of the March quarter, latest shareholding data showed with the bourse.

On Friday, shares of IIFL Finance rose 2.49 per cent to settle at Rs 511.15 per piece on the NSE.