KKR exits Dalmia Bharat through bulk deals

Mumbai: Global private equity firm KKR sold its entire investments in Dalmia Bharat in a series of bulk deals on the BSE on Friday. The private equity firm earned 150% returns from this investment in 14 months.

KKR sold 75 lakh shares or 8.43% in the company at an average price of Rs 2,050 per share, according to BSE data. Buyers include Smallcap World Fund, Franklin Templeton and Birla Mutual Fund.

KKR invested Rs 500 crore in one of the Dalmia Bharat's subsidiary Dalmia Bharat Cement in 2010. Early last year, KKR signed an agreement with the company, under which Dalmia Bharat bought back KKR's 15% stake in Dalmia Cement Bharat for a cash consideration of Rs 600 crore and issued 7.5 million shares on a preferential basis at Rs 825 apiece. Dalmia shares which gained nearly 140% since January 1, 2016 declined 1.74% to close at Rs Rs 2,050.