India: PremjiInvest hikes stake in Future Lifestyle for $30m

Photo: Reuters

By Bhawna Gupta

July 18, 2017

Wipro Ltd chairman Azim Premji‘s investment arm PremjiInvest has acquired an additional 3.26 per cent stake in Kishore Biyani’s Future Lifestyle Fashions Ltd (FLFL) through open market transactions.

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.

Also Read:

PremjiInvest to buy 2.2% stake in Aditya Birla Capital for $108m

India: PremjiInvest said to pick 25% stake in Helion-backed iD Fresh Foods

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In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

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  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
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