NEW DELHI: Kalyan Jewellers promoter Trikkur Sitarama Iyer Kalyanaraman will acquire a 2.36% stake from private equity (PE) firm Warburg Pincus for Rs 1,300 crore. US-based Warburg Pincus, through its affiliate Highdell Investment Ltd., will divest 2.43 crore equity shares, representing 2.36% of the company’s share capital, to the promoter at Rs 535 per share.
Shares of Kalyan Jewellers closed 1.27% higher on Tuesday at Rs 548.15 a piece. Post the Transaction the ‘promoter’ and ‘promoter group’ shareholding in the Kalyan Jewellers will increase from 60.59% to 62.95%.
“This is to inform you that we have entered into a share purchase agreement (“SPA”) dated August 21, 2024 with Highdell Investment Ltd (“Highdell”), pursuant to which we will be purchasing 24,299,066 equity shares in the Company from Highdell, representing 2.36% of the share capital of the Company, for a purchase price of Rs 535 per share aggregating to Rs 13,000,000,310 (“Transaction”),” said Kalyan Jewellers in a regulatory filing.
It added that the transaction is contingent upon the fulfilment of certain conditions precedent, including availing of financing by the Promoter from financial institutions/ non-banking financial institutions and drawing down of requisite funds.
Warburg Pincus had sold 8.4% stake in Kalyan Jewellers earlier this year through open market for Rs 2,931 crore. In June last year, the PE firm had offloaded 6.2% stake in it for Rs 725 crore. Warburg held a 32% stake in Kalyan Jewellers before the latter became a publicly listed company. As of June 2024, it held a 9.17% stake in the Jewellery firm.