Lighthouse Advisors India, headquartered in Mumbai, made a strategic move on Tuesday by divesting a 1.3 percent stake in Bikaji Foods International, a renowned food company based in Bikaner. This significant transaction carried out through an open market deal, amounted to nearly Rs 156 crore.
The divestment was executed by Lighthouse Advisors India’s investment arm, Lighthouse India Fund III. This entity successfully sold a total of 32,42,070 shares of Bikaji Foods, equivalent to 1.3 percent of the company’s total stake. The shares were sold at an average price of Rs 480 each, culminating in a total transaction value of Rs 155.62 crore.
Following this transaction, Lighthouse India Fund III’s stake in Bikaji Foods has decreased from 2.7 percent to 1.4 percent, according to data obtained from the Bombay Stock Exchange (BSE).
In a parallel development in the stock market, Plutus Wealth Management LLP emerged as a prominent player by acquiring 13.5 lakh shares of Bikaji Foods International, although the details of other buyers remain undisclosed.
This significant development had a positive impact on the shares of Bikaji Foods International, as they surged by 6.12 percent to reach a closing price of Rs 511.70 on the BSE.
In a separate bulk deal also on the BSE, Investcorp Private Equity Fund II undertook a comparable strategic maneuver by selling shares of Safari Industries (India), resulting in an impressive transaction value of nearly Rs 81 crore. This open market transaction involved the sale of over 2.13 lakh shares at an average price of Rs 3,775.06 apiece.
Consequently, Safari Industries (India) Ltd experienced a marginal decline of 1.49 percent in its share price, closing at Rs 3,737 per piece on the BSE.
Further data available from the BSE revealed that SBI Life Insurance seized the opportunity by acquiring 2.05 lakh shares of Safari Industries.
In yet another noteworthy transaction on the BSE, Bajaj Finance opted to divest 82.5 lakh shares of the non-banking financial company SBFC Finance for Rs 70 crore through an open market trade. This move translated to a 0.77 percent reduction in Bajaj Finance’s stake in SBFC Finance. The shares were sold at an average price of Rs 85.02 each, amounting to a total transaction value of Rs 70.14 crore.
While the details of the buyers in this particular deal have not been disclosed, shares of SBFC Finance displayed resilience by gaining 0.6 percent and concluding at Rs 86.99 apiece on the BSE.
About Bikaji Foods:
In 1993, Shiv Agarwal introduced the Bikaji brand. The company initiated its international expansion by exporting products to the United Arab Emirates in 1994, followed by Australia in 1996. In 2006, all of its subsidiaries, including Bikaji Foods, Shivdeep Food Products, Bikaji Marketing, and Dipu’s Foods, were amalgamated into a single unified entity.
About Lighthouse Advisors India:
Lighthouse Advisors (India) Private Limited functions as a private equity firm specializing in investments within the consumer sectors. Additionally, the company provides a range of services, including investment planning, financing, and portfolio management. Lighthouse Advisors (India) primarily caters to clients based in India.
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