KKR sells 5.6% in Dalmia Bharat for Rs 575 cr

Global private equity giant KKR on Friday sold 5.6 per cent stake in Dalmia Bharat for an estimated Rs 575 crore through an open market transaction.

The shares were purchased by a host of entities, including Kuwait Investment Authority, Birla Mutual Fund and Franklin Templeton Investment Funds.

According to block deal data available with stock exchanges, KKR Mauritius Cement Investments offloaded a total of 49,65,270 shares, amounting to 5.58 per cent stake, of Dalmia Bharat.

The shares were sold on an average price of Rs 2,047.5, valuing the transaction at Rs 574.86 crore, it added.

In January 2016, Dalmia Bharat had announced that it signed a pact with KKR to acquire the global private equity giant's 15 per cent stake in its subsidiary Dalmia Cement Bharat Ltd for over Rs 1,218 crore in a cash-and-stock deal.

The deal had earned the private equity player a return of 2.4 times on its investment of Rs 500 crore it made in September 2010.

The stock of Dalmia Bharat on Friday closed at Rs 2,048.95 on BSE, down 1.74 per cent from the previous close.