PremjiInvest, Wipro Chairman Azim Premji's investment arm, on Tuesday picked up 3.26% stake in Kishore Biyani's Future Lifestyle Fashions Ltd (FLFL) for nearly Rs 196 crore through open market transactions.
In a regulatory filing with the National Stock Exchange (NSE), the company stated that PI Opportunities Fund 1, part of PremjiInvest, purchased 6.2 million shares, or 3.26% stake, in FLFL.
PremjiInvest puchased the shares from a media house and India Opportunities Growth Fund Ltd - Pinewood Strategy. The shares were acquired at an average price of Rs 316 per share, valuing the transaction at Rs 195.92 crore, according to the data.
The private investment office of IT major Wipro’s billionaire chairman Azim Premji appinted T K Kurien as managing partner and CIO from February. PremjiInvest has a corpus of over $1 billion through its two funds — PI Opportunities-I and PI Opportunities-II.
FLFL which has two divisions — the retail division including Central and Brand Factory and the brands division with fashion labels such as Indigo Nation, Scullers, Mother Earth, Cover Story and Jealous 21. Kishore Biyani owned FLFL, which has a total revenue of Rs 3,500-crore, holds a 49% equity stake in FLFL Lifestyle Brands.
The stock of FLFL dipped 2.94% to end the day at Rs 308.50 per unit on NSE.
Published 18 July 2017, 18:14 IST