Warburg Pincus affiliate divests 2.36% in India's Kalyan Jewellers

Kalyan Jewellers India

21/08/2024 12:43

BENGALURU, Aug 21 (Reuters) - A Warburg Pincus affiliate
will sell 2.36% of its stake in Kalyan Jewellers  KALN.NS  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, which 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)

 (Reporting by Ashna Teresa Britto in Bengaluru)
 ((AshnaTeresa.Britto@thomsonreuters.com;))