New Delhi: Bharti Group has exited from Kishore Biyani-led Future Enterprises by selling its 13.64% stake for an estimated sum of over Rs240 crore.
Cedar Support Services, a Bharti Group entity, sold its entire 61,919,069 shares aggregating to 13.64% stake in Future Enterprises on 17 May. Based on the average price of the stock at Rs39.21 apeice on BSE on the day of transaction, sale of 61,919,069 shares is estimated to be valued at Rs242.78 crore.
The offloading was carried out through block deal and open market transaction, Future Enterprises said in a regulatory filing. Among the buyers of the shares were Future Enterprises’ promoter Central Departmental Stores and Bennett, Coleman & Company.
This sale comes at a time when Cedar Services is said to be in talks with several potential investors for selling its stake in Future Retail. Cedar holds 9.23% stake in Future Retail. In May 2015, Future group agreed to acquire Bharti group’s retail business under the EasyDay chain in an all-stock deal worth Rs750 crore to create one of the biggest supermarket chains.