On Sunday, October 5, CNBC-TV18 had reported, citing sources that Flipkart Investments Private Limited was set to divest up to 6% of its stake in the company via a block deal. The transaction was expected to raise around ₹935 crore and was being termed a ‘clean-out trade’.
At the end of the June quarter, Flipkart Investments held 6.02% stake in Aditya Lifestyle Brands Ltd.Sources said the offer price was in the ₹130-₹136.45 apiece range. The movie is part of Flipkart’s portfolio rationalisation strategy, as the Wallmart-owned e-commerce giant realigns its investments in the Indian retail space, sources said.
In 2020, Flipkart had invested in Aditya Birla Life as part of a partnership aimed at improving omni-channel capabilities for fashion and lifestyle brands.
Shares of Aditya Birla Lifestyle Brands gained 10.5% on Monday to hit an intraday high of ₹150.75 apiece. The stock was up 8.2% at ₹147.65 apiece around 10.30 am. It has declined 7.3% in the last six months.
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