BackKKR sells 5.6% stake in Dalmia Bharat for Rs575 crore
The shares were purchased by a host of entities, including Kuwait Investment Authority, Birla Mutual Fund and Franklin Templeton Investment Funds
Premium
New Delhi: Global private equity giant KKR on Friday sold a 5.6% stake in Dalmia Bharat for an estimated Rs575 crore through an open market transaction.
The shares were purchased by a host of entities, including Kuwait Investment Authority, Birla Mutual Fund and Franklin Templeton Investment Funds.
According to block deal data available with stock exchanges, KKR Mauritius Cement Investments Ltd offloaded a total of 49,65,270 shares, amounting to 5.58 per cent stake, of Dalmia Bharat.
The shares were sold on an average price of ₹ 2,047.5, valuing the transaction at ₹ 74.86 crore, it added.
In January 2016, Dalmia Bharat had announced that it signed a pact with KKR to acquire the global private equity giant’s 15 per cent stake in its subsidiary Dalmia Cement Bharat Ltd for over ₹ 1,218 crore in a cash-and-stock deal.
The deal had earned the private equity player a return of 2.4 times on its investment of ₹ 500 crore it made in September 2010. The stock of Dalmia Bharat today closed at ₹ 2,048.95 on BSE, down 1.74 per cent from the previous close.
Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!
