Bharti Group entity sells Future Retail stake worth Rs 1,697 cr

Bharti Group entity Cedar Support Services today sold 6 per cent stake in Kishore Biyani-led Future Retail for nearly Rs 1,697 crore, through open market transactions.

According to the bulk deal data available with the NSE, Cedar disposed of 3.03 crore shares, amounting to 6.04 per cent stake in Future Retail.

The shares were offloaded at an average price of Rs 560.01, valuing the transaction at Rs 1,696.83 crore.

At the end of March quarter of 2017-18, Cedar held 4.63 crore shares, or 9.23 per cent stake, in the Kishore Biyani-led firm.

Among the buyers of the shares was Pi Opportunities Fund I and Pioneer Investment Fund.

Pi Opportunities Fund I bought 2.27 crore shares at an average price of Rs 560 for a total of Rs 1,272.71 crore.

Pioneer Investment Fund picked up 71.43 lakh shares at an average price of Rs 560 for Rs 400 crore.

Last month, Cedar had exited a Kishore Biyani-led firm -- Future Enterprises -- by selling its 13.64 per cent stake for an estimated sum of over Rs 240 crore.

Separately, the bulk deal data on the BSE showed that Cygnet Industries sold 12.89 lakh shares of Century Textiles & Industries for Rs 120.36 crore.

All the shares were bought by Pilani Investment and Industries Corporation.