Samara Capital and a large PE fund are likely to sell 30 lakh shares of Sapphire Foods through a large block deal, CNBC Awaaz learns through people with knowledge of the matter.
Sources told CNBC Awaaz that the deal is likely to take place at a 3 percent discount to the company's current market price. The deal size is said to be worth Rs 400 crore.
Spark Capital is the broker of this deal, according to sources.
Incidentally, CNBC-TV18 had also reported about the operator of the Yum! franchisee in its dealing room chatter on November 15 that a large block deal is expected soon in the stock once its pre-IPO lock-in ends. The pre-IPO lock-in had ended on November 15 itself.
Back then, dealers had indicated that a leading foreign investor is looking to pare a stake in the company.
Based on the company's September quarter shareholding pattern, foreign investors held a 12.6 percent stake in the company.
Sapphire Foods returned to profitability during the September quarter, compared to a net loss during the same period last year. However, a drag on its Sri Lanka business impacted its operating performance.
Shares of Sapphire Foods ended little changed on Tuesday at Rs 1,384.50. The stock has gained 15 percent year-to-date.
(Edited by : Rukmani Krishna)
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