SAIF Partners India IV has sold a 2.95 per cent stake, or almost 2.3 million shares, in Senco Gold Limited through open market.
The company had a stake of 9.56 per cent before the sale, which will come down to 6.61 per cent, according to a stock exchange disclosure.
Senco Gold had come out with an initial public offer in July last year, offering its shares in the price band of ₹301-317. It had raised ₹405 crore through the IPO.
The stocks of the retail gold and diamond jeweller ended at ₹947.10 on the
Bombay Stock Exchange on Tuesday, up 0.75 per cent over the previous close.
“They (SAIF Partners India IV Limited) had invested in Senco in the year 2014 as
PE (private equity) investors. Their fund duration ended in 2020.
“So it has been 10 years that they have invested, and in order to return the funds to their investors, now that the duration of the fund is over, they keep selling a little in the market,” said Suvankar Sen, MD and CEO, Senco Gold and Diamonds.
The retail jeweller has reported a 14.2 per cent growth in net profit to ₹181.01 crore
in 2023-24, while the topline has grown by 28.5 per cent during the year to ₹5,241.44 crore aided by rising gold prices.
The company expects a topline growth of about 18-20 per cent in the current year. The jeweller is also looking to add 15-20 stores in the ongoing fiscal.
