Foreign investor Highdell Investment will sell 2.36 percent stake in Kalyan Jewellers to the firm's promoter for Rs 1,300 crore, said the company in a stock exchange filing on August 21.
"Highdell will be selling 2.42 crore equity shares to the promoter Trikkur Sitarama Iyer for a purchase price of Rs 535 per share, aggregating to Rs 1,300 crore," said Kalyan Jewellers in a stock exchange filing.
"Post the Transaction the ‘promoter’ and ‘promoter group’ shareholding in the company will increase from 60.59 percent to 62.95 percent," said Kalyan Jewellers.
On August 21, the jewellers' shares closed trading 2.6 percent higher at Rs 556 apiece. It gained after two days of consecutive fall.
As per the data available on the BSE, the scrip turned multibagger in just 365 days, delivering 149.56 percent returns in past one year, compared to 24.06 percent rise of the Sensex.
In the last three years, it advanced 786.97 per cent on the BSE.
The company reported 24 percent YoY increase in net profit for June quarter at Rs 177 crore on August 1.
In a stock exchange filing, the company said that its revenue went up 26.5 percent at Rs 5,535.5 crore YoY. In the same period last year, the company’s revenue stood at Rs 4,375.7 crore.
The company intends to make Candere a wholly-owned subsidiary by raising its stake. According to company data, Kalyan Jewellers had 277 showrooms across its brands as of June 2024.
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