Kalyan Jewellers share price surge 8% on divestment by a Warburg Pincus affiliate

 

A Warburg Pincus affiliate will sell 2.36% of its stake in Kalyan Jewellers for 13 billion rupees ($155 million) to another large stakeholder at a 2% discount to Wednesday's closing price, the Indian company said.

The deal will see Highdell, the Warburg affiliate, sell over 24 million shares at 535 rupees each to Trikkur Sitarama Iyer Kalyanaraman, which currently holds 60.59% in the jeweller.