Sapphire Foods promoters sell 4.2% stake; stock falls ~1%

6 Dec 2023 , 01:06 PM

Sapphire Foods shares dipped in morning trading on December 6 after the promoter entity sold a 4.2% stake in the firm.

Arinjaya (Mauritius) reduced its interest in the restaurant operator to 4.2% for Rs 378 crore. According to BSE bulk trade data, Arinjaya (Mauritius) Ltd offloaded 27 lakh shares, representing a 4.2% interest in Sapphire Foods India. The shares were sold at an average price of Rs 1,400.01 per share, for a total transaction value of Rs 378 crore.

Following the acquisition, Arinjaya (Mauritius)’s stake in Sapphire Foods India has decreased to 3.79 percent from 7.99 percent. At the same price, the Singapore government purchased more than 20.19 lakh shares in Sapphire Foods India.

Sapphire Foods Mauritius, the company’s other promoter, held 29.28% of the shares in the September quarter, according to shareholding statistics.

On November 2, Sapphire Foods India recorded a consolidated net profit of Rs 15.3 crore for the July-September quarter of FY24, a drop of 43% from Rs 27 crore in the same quarter the previous fiscal year.

At around 1.03 PM, Sapphire Foods was trading 0.75% lower at Rs 1,411 per piece, against the previous close of Rs 1,421.70 on NSE. 

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