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regular-article-logo Friday, 22 November 2024

Kalyan Jewellers’s promoter to buy 2.36 per cent stake in company from Highdell Investment

Shares will be bought at ₹535 apiece, which is a discount of 1.15 per cent to the closing price of the Kalyan Jewellers scrip on the BSE on Tuesday

Our Special Correspondent Mumbai Published 22.08.24, 10:00 AM
Representational image

Representational image Sourced by the Telegraph

Kalyan Jewellers India’s promoter is buying a 2.36 per cent stake in the company from Highdell Investment, a Warburg Pincus affiliate, for 1,300 crore.

The shares will be bought at 535 apiece, which is a discount of 1.15 per cent to the closing price of the Kalyan Jewellers scrip on the BSE on Tuesday. The transaction will result in the promoter group shareholding increasing to 62.95 per cent from 60.59 per cent.

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Kalyan Jewellers said in a regulatory filing that its promoter Trikkur Sitarama Iyer Kalyanaraman entered into a share purchase agreement (SPA) with Highdell for the sale. Pursuant to the SPA, Highdell will sell 24,299,066 shares representing 2.36 per cent of the share capital of the company to the promoter.

“The transaction is subject to promoters arranging for requisite funds through financing to complete the transaction. The company is not a party to the SPA,’’ Kalyan Jewellers added. The promoter said in a communication to the firm that the transaction is contingent upon fulfilment of certain conditions precedent, including availing of financing by them from financial institutions and drawing down of requisite funds.

Shares of Kalyan Jewellers on Wednesday ended 1.27 per cent higher at 548.15 on the BSE.

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