PremjiInvest buys 3.26% stake in Future Lifestyle for Rs 196 crore
PremjiInvest, the investment arm of Wipro Chairman Azim Premji, on Monday bought 3.26 percent stake in Kishore Biyani’s Future Lifestyle Fashions Ltd (FLFL) for nearly Rs 196 crore through open market transactions.
As per the block deal data available with NSE, PI Opportunities Fund 1, part of PremjiInvest, today purchased 62 lakh shares, or 3.26 percent stake, in FLFL.
The shares were acquired at an average price of Rs 316 apiece, valuing the transaction at Rs 195.92 crore, according to the data.
The shares were sold by Bennett, Coleman and Company Ltd and India Opportunities Growth Fund Ltd – Pinewood Strategy.
The stock of FLFL dipped 2.94 percent to end the day at Rs 308.50 per unit on NSE.
FLFL owns and markets over two dozen fashion brands through exclusive brand outlets, department stores and multi brand outlets, as well as company operated chains such as Central, Brand Factory and Planet Sports.