India: SAIF Partners buys 1% stake in Bajaj Corp for $9m

Venture Capital firm SAIF Partners has acquired a stake in FMCG company Bajaj Corp Ltd through an open market transaction.

SAIF has invested Rs 57.6 crore in Bajaj Corp ($8.8 million) for 1.4 million shares at Rs 400 each.

Bajaj Corp Ltd is part of Shishir Bajaj Group that has interests in varied industries including sugar, consumer goods, power generation and infrastructure development. The company has several products in the hair care segment such as Bajaj Almond Drops, Bajaj Kailash Parbat and Bajaj Brahmi Amla.

Bajaj Corp reported a 13 per cent decline in standalone net profit at Rs 50.71 crore for the second quarter ended September 30 as compared to Rs 58.29 crore during the same period of the previous fiscal.

Shares of Bajaj Corp closed at Rs 413.85 each, up 1.21 per cent on BSE in a strong Mumbai market on Thursday.

For the multi-stage fund manager, this is the second PIPE investment this year. In April, it had hiked its holding in Fiem Industries Ltd to 6 per cent.

Last month, SAIF led an $11.5-million Series B round in ed-tech firm Unacademy, along with Sequoia Capital in which existing investors also participated.

In July, SAIF Advisors had raised $350 million (Rs 2,247 crore) for its third India-focused vehicle.

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