Highdell Investment, a subsidiary of Warburg Pincus, is set to sell a 2.36 percent stake in Kalyan Jewellers worth ₹1,300 crore to the company’s promoter, according to an exchange filing on Wednesday, August 21.
The foreign investor is divesting 2.42 crore equity shares at a purchase price of ₹535 per share, valuing the transaction at ₹1,300 crore. This price reflects a 2.45 percent discount compared to Kalyan Jewellers’ current trading price as of Wednesday.
Kalyan Jewellers’ shares closed 1.27 percent higher at ₹548.15 on Wednesday, up from ₹541.25 at the previous market close. The company announced the stake sale after trading hours.
The promoter, Trikkur Sitarama Iyer Kalyanaraman, will acquire the shares from Highdell, increasing the promoter group’s stake in Kalyan Jewellers by 2.36 percent, from 60.59 percent to 62.95 percent. The agreement for this transaction was executed on August 21.
“The transaction is contingent upon the fulfillment of certain conditions, including securing financing from financial institutions or non-banking financial companies (NBFCs) and drawing down the necessary funds,” Kalyan Jewellers stated in the regulatory filing.
Highdell Investment previously reduced its stake in Kalyan Jewellers through a bulk sale on March 29, 2023, selling 2.54 percent or 2.62 crore equity shares at a face value of ₹10 per share.
Kalyan Jewellers reported a 27 percent increase in net profits for the April to June quarter of FY 2024-25, driven by strong performances in both the Middle Eastern and Indian markets. Revenue from India operations grew by 29 percent, while the Middle Eastern segment saw a 16 percent year-on-year increase.
