Bajaj Resources sells 22% stake in Bajaj Consumer Care for 628 cr

Bajaj Resources Ltd, a promoter of consumer goods firm Bajaj Consumer Care, on Tuesday offloaded around 22 per cent stake in the company for Rs 628 crore through an open market transaction.

Bajaj Resources sold 3,22,65,100 shares representing 22 per cent equity stake of Bajaj Consumer Care at an average price of Rs 194.56, according to the exchange data.

Bajaj Resources held 59.9 per cent stake in Bajaj Consumer Care at the end of September quarter.

A host of fund houses, including Aditya Birla Sun Life Mutual Fund, ICICI Prudential Mutual Fund, HDFC Mutual Fund and Steinberg India Emerging Opportunities Fund, were among the buyers of shares.

In March, promoter entities of Bajaj Consumer Care had sold 6.85 per cent stake in the FMCG firm for about Rs 320 crore through an open market transaction.

The promoters included Bajaj Resources Ltd, KNB Enterprises LLP and SKB Roop Commercial LLP.

On the BSE, shares of Bajaj Consumer Care dived 14.77 per cent to end at Rs 195.55.