Highdell Investment sells off 2.26% stake in Kalyan Jewellers for Rs 256 crore
Private equity business Warburg Pincus-owned Highdell Investment has sold off a 2.26% stake in Kalyan Jewellers for a total of Rs 256 crore. The transaction took place on the open market on Tuesday and caused the fine jewellery business’ shares to drop significantly.
Kalyan Jewellers’ shares’ value decreased by 9.06% before settling at a value of Rs 107.9 per share on the National Stock Exchange on March 28, the Press Trust of India reported. The drop followed Highdell Investment’s stake sale which saw the business divest itself of 23,325,686 shares in Kalyan Jewellers.
As part of the transaction, the shares were sold at Rs 110.04 per piece, according to bulk deal data from the National Stock Exchange. In the recent December 2022 financial quarter, Highdell Investment held a 26.36% stake in Kalyan Jewellers.
Kalyan Jewellers specialises in gold jewellery in both Indian traditional and modern styles. The business retails through its network of exclusive brand outlets across India and announced in December, 2022 that it plans to open 52 stores in 2023 to increase its brick-and-mortar presence by more than 30%. As part of this ambitious expansion plan, the brand opened a store in Jaipur this week, its fifth store to date in the state of Rajasthan.
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