In the process, the investment firm put in Rs 196 crore ($30.4 million) through PI Opportunities Fund 1, for buying 62 lakh shares at Rs 316 each in FLFL.
It bought the shares from Bennett, Coleman and Company Ltd, and India Opportunities Growth Fund Ltd – Pinewood Strategy.
Post deal, PremjiInvest holds 11.43 per cent stake in FLFL, a company behind fashion labels such as Indigo Nation, Scullers and Mother Earth. Early this year, PremjiInvest had transferred its previously acquired stake to a newly-registered private investment in public enterprises (PIPE) fund.
FLFL’s shares closed at Rs 312.55 each, up 0.77 per cent on BSE in a weak Mumbai market on Tuesday.
PremjiInvest invests in consumer, financial services, healthcare, IT, automobile, education and hospitality sectors. Most recently, it acquired 2.2 per cent stake in Aditya Birla Capital Ltd, the financial services arm of the Aditya Birla Group.
The investment firm is also looking to invest $30 million in Shubham Housing Development Finance Company. Early this year, it invested $25 million in iD Fresh Foods (India) Pvt Ltd, a Bangalore-based ready-to-cook packaged food company.