Mid-market private equity fund Investcorp sold a 1.89% stake in luggage maker Safari Industries on Tuesday for ₹83.7 crore, exchange deals data showed.
Investcorp Private Equity Fund II, a buyout fund managed by IDFC Alternatives PE and Bahrain-based Investcorp Strategic Capital Group, sold 450,000 Safari Industries’ shares on BSE at ₹1,861.44 apiece. HDFC Mutual Fund bought a major chunk of the shares. Names of other buyers were not publicly available.
This is the second tranche and follows a partial exit in September 2022. Back then, it sold 500,000 shares which fetched ₹76.5 crore.
In all, the consumer focussed fund has fetched ₹160 crore by selling nearly three-fourths of its investment. It stands to make three times returns.
After Tuesday’s share sale, it will hold about 300,000 shares worth ₹56 crore at current rates.
Shares of Safari Industries closed at ₹1,875 on Tuesday, down 6.57% from the last close. The stock has risen three times since Investcorp’s investment – ₹75 crore via preferential route – in February 2021. – Our Bureau
Source: Economic Times