Warburg Pincus affiliate divests 2.36% in India's Kalyan Jewellers
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A Warburg Pincus affiliate will sell 2.36% of its stake in Kalyan Jewellers for 13 billion rupees ($155 million) to another large stakeholder at a 2% discount to Wednesday's closing price, the Indian company said.
The deal will see Highdell, the Warburg affiliate, sell over 24 million shares at 535 rupees each to Trikkur Sitarama Iyer Kalyanaraman, who currently holds 60.59% in the jeweller.
The U.S. private equity, through Highdell, held a 9.2% stake in Kalyan Jewellers as of the quarter ending June, as per BSE data.
Warburg, which first invested in Kalyan in 2014, held a 24.6% stake after the jeweller's listing in March 2021.
Kalyan's shares, which have risen nearly 54% so far this year, closed 0.5% higher on Wednesday.
($1 = 83.8880 Indian rupees)
