SBI Life Insurance's Stake Boosts Safari Industries Stock

6 Sep 2023 , 11:50 AM

SBI Life Insurance acquires a stake in Safari Industries, boosting the luggage maker’s stock. Safari Industries’ stock opened nearly 1 % higher on the NSE on September 6. SBI Life Insurance purchases 2.05 lakh shares of Safari Industries through open market transactions.

The insurance company pays an average price of Rs 3,775 per share, totaling Rs 77.38 crore. Investcorp Private Equity Fund II sells 2.14 lakh shares in Safari Industries at an average price of Rs 3,775.06 per share.

Investcorp previously held a 1.22 % stake or 2.88 lakh shares in Safari. Safari Industries reports robust Q1 FY24 performance, with an 88 % YoY increase in consolidated net profit to Rs 49.94 crore.

Total revenue for the quarter surged 46 % on-year to Rs 426.68 crore. Earnings before interest, tax, depreciation, and amortization (EBITDA) also grew by 18.5 % to Rs 79 crore for the same period.

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