WWD Ruby Ltd. sold a 4.77% stake in Sapphire Foods India Ltd. through a large trade on the National Stock Exchange.
The Mauritius-based corporation sold 30.3 lakh shares at Rs 1,377.1 apiece.
As of March 31, WWD Ruby held a 4.7% stake in the company. However, it has now completely exited the quick-service restaurant operator by selling its remaining shares today.
On Dec. 22, 2022, WWD Ruby sold 30.45 lakh scrips in 12 tranches, amounting to a 4.8% stake in the company, according to the NSE.
Sapphire Foods India is the largest franchisee of Yum! Brands in the Indian subcontinent.
WWD Ruby has total current equity assets worth $51.4 million, or Rs 421.47 crore, with 100% exposure in the consumer discretionary sector, according to Bloomberg data.
Apart from WWD Ruby, Nomura Trust and Banking Co., Goldman Sachs (Singapore), ICICI Prudential Life Insurance Co., Nippon India Mutual Fund, and Kotak Funds India Midcap Fund bought shares of Sapphire Foods India.
The stock advanced as much as 4.17% intraday, rising the most in two weeks since June 13. Total traded volume stood at 7.9 times its 30-day average.
According to Bloomberg data, out of the 16 analysts covering the company, 12 maintain a 'buy' rating, two recommend a 'hold,' and two suggest a 'sell' rating on the stock.
The return potential, as calculated by the consensus of analyst estimates, stands at an upside of 2.7% over the next 12 months.
Shares of Sapphire Foods India Ltd. closed 1.39% higher at Rs 1,410.35 apiece on Tuesday, as compared with a 0.68% rise in the benchmark Nifty 50.
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