Investcorp sells 1.89% stake in Safari Industries for Rs 83.70 crore

15 Feb 2023 , 12:22 PM

Investcorp, a mid-market private equity fund, sold a 1.89% stake in luggage maker Safari Industries on Tuesday for Rs83.7 crore, according to exchange deals data.

Investcorp Private Equity Fund II, managed by IDFC Alternatives PE and Bahrain-based Investcorp Strategic Capital Group, sold 450,000 Safari Industries shares on the BSE for Rs1,861.44 per share. A significant portion of the shares were purchased by HDFC Mutual Fund. Other buyers’ names were not made public.

This is the second tranche, which comes after a partial exit in September 2022. It sold 500,000 shares at the time for a total of Rs76.5 crore.

The consumer-focused fund has raised a total of Rs160 crore by selling nearly three-fourths of its investment. It has the potential for three times returns.

Following Tuesday’s share sale, it will hold approximately 300,000 shares worth Rs56 crore at current exchange rates.

At around 12.20 PM, Safari Industries was trading 2.13% higher at Rs1,908 per share, against the previous close of Rs1,868.20 on NSE.

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