Highdell Investment offloads stakes worth ₹256 cr in Kalyan Jewellers

Highdell Investment, owned by private equity major Warburg Pincus, on Tuesday divested stake in Kalyan Jewellers India Ltd. for little over ₹256 crore through an open market transaction.

According to the bulk data on NSE, Highdell Investment sold a total of 2,33,25,686 shares of Kalyan Jewellers at a price of ₹110.04 apiece thus taking the transaction value to ₹256.67 crore, as per the data.

However, the buyer of the shares could not be ascertained immediately.

Highdell Investment held 26.36 percent stake in company at end of December quarter.

During the quarter ending December 31, 2022 (Q3 FY23), Kalyan Jewellers India reported an over 10% growth in consolidated profit after tax (PAT) at ₹148 crore. The jewellery retailer's net profit stood at ₹134.5 crore in the October-December quarter of the previous financial year.

The company recorded a 13% growth in consolidated revenue during the quarter under review at ₹3,884 crore against ₹3,435 crore in the year-ago period. During the recently concluded quarter, the company announced its plans to open 52 showrooms during the calendar year 2023.

On Tuesday, the company's scrip closed 9.77 down at ₹107.15.

The performance of the stock over the past one month has also been encouraging, with investors seeing a return of 2.86 percent. However, the performance of the stock over the last three months has been relatively lackluster, with a negative return of -4.31 percent.

When looking at the company's performance over the course of a year, the return has been an impressive 99.08 percent.

Meanwhile, in block data in NSE, Geetika Shekhar Baja Trust offloaded 4,05,000 equity shares in Bajaj Finserv at a price of ₹1235.

The shares were brought by Anant Baja Trust at a price of ₹1235 taking the transaction to ₹500 crore.

On Tuesday, Baja Finserv closed 1.29 per cent down at ₹1,223.20 on BSE.