Swiss firm Firmenich buys Blackstone's 10% stake in SH Kelkar for Rs 242 cr

Stake was sold at Rs 173 a share; SH Kelkar stock last closed at Rs 183.5, up 20%

Swiss firm Firmenich Aromatics on Tuesday acquired private equity (PE) major Blackstone’s 10 per cent stake in SH Kelkar, a Mumbai-based fragrance company. The stake was sold at Rs 173 per share for a total consideration of Rs 242 crore. Shares of SH Kelkar last closed at Rs 183.5, with a gain of 20 per cent. Experts said the market was buoyed by the Swiss fragrance’s company’s move to buy a stake in SH Kelkar.

Blackstone had invested about Rs 200 crore in SH Kelkar in 2012 and 2013 for a 33 per cent stake. The PE firm took SH