US-based Advent International sells 5.36% stake in CG Consumer

The PE firm had sold 6% in February 2021

US-based private equity firm Advent International-owned Amalfiaco sold a 5.36 per cent stake in CG Consumer at Rs 400 per share, according to the bulk deal data. It garnered Rs 1,348.1 crore from the transaction. 

Among the buyers of stake include two Ashoka India funds (Rs 166.2 crore), ICICI Prudential Life Insurance (Rs 100 crore), HDFC Standard Life (Rs 59.3 crore), Mirae Asset Mutual Fund (Rs 120.1 crore), SBI Life Insurance Company (Rs 74.9 crore), SBI Mutual Fund (Rs 499.7 crore), Morgan Stanley Mauritius Company, Aurigin Master Fund, Bharti Axa Life Insurance Company and BNP Paribas Arbitrage Fund.

In February this year, Amalfiaco sold 6.06 per cent stake in CG Consumer in two equal tranches for Rs 1,492 crore at Rs 392 per share and Rs 393 per share.

At the end of December, 2020 quarter, Advent held 11.42 per cent stake in the company, which fell to 5.36 per cent at the end of March 2021 quarter consequent to the stake sale in February. 

In 2015, Advent had teamed up with Singapore-based Temasek to acquire 34.37 per cent stake in CG Consumer from Gautam Thapar and his family. They had reportedly acquired the stake at Rs 105 per share. The two are classified as promoters of CG Consumer according to BSE.

In 2019, they had sold 8.2 per cent stake in the company at an average price of Rs 249.2 per share.

As on March 2021, Temasek through MacRitchie Investments Pte, held 5.99 per cent in CG Consumer.

On Wednesday, CG Consumer's scrip settled at Rs 425.25 per share on BSE, up 5.11 percent from previous close.