Customers browse groceries at a Big Bazaar hypermarket, operated by Future Retail Ltd., in Mumbai, India. (Photographer: Dhiraj Singh/Bloomberg)

Bharti Group Entity Sells Future Retail Stake Worth Rs 1,697 Crore 

Bharti Group entity Cedar Support Services today sold six percent stake in Kishore Biyani-led Future Retail Ltd. for nearly Rs 1,697 crore, through open market transactions.

Cedar disposed of 3.03 crore shares, amounting to 6.04 percent stake in Future Retail, according to the bulk deal data available with the NSE. Shares were offloaded at an average price of Rs 560.01, valuing the transaction at Rs 1,696.83 crore.

At the end of March quarter of 2017-18, Cedar held 4.63 crore shares, or 9.23 percent stake in the Kishore Biyani-led firm. Among the buyers of the shares were Pi Opportunities Fund I and Pioneer Investment Fund.

Pi Opportunities Fund I bought 2.27 crore shares at an average price of Rs 560 for a total of Rs 1,272.71 crore. Pioneer Investment Fund picked up 71.43 lakh shares at an average price of Rs 560 for Rs 400 crore.

Last month, Cedar had exited a Kishore Biyani-led firm – Future Enterprises – by selling its 13.64 percent stake at an estimated sum of over Rs 240 crore.

Separately, the bulk deal data on the BSE showed that Cygnet Industries sold 12.89 lakh shares of Century Textiles and Industries for Rs 120.36 crore. All the shares were bought by Pilani Investment and Industries Corporation.

Also read: Why Kishore Biyani Is Unfazed By The Walmart-Flipkart Deal