Kalyan Jewellers Ltd. may see a large block deal in its shares as a prominent domestic mutual fund is preparing to sell about 5 crore shares, according to people familiar with the matter.
The proposed transaction is expected to be executed outside the exchange-designated block deal window and could take place at any time, the people said. The deal is likely to be priced at an 8%-10% discount to the current market price, they said.
If completed, the sale would involve about 5 crore shares. The mutual fund is expected to remain a shareholder in Kalyan Jewellers even after the transaction, according to the people.
The planned share sale comes as the company's stock could remain in focus because of the size of the proposed transaction and the expected pricing.
Two bankers have been appointed to manage the proposed deal, the people said. They added that the transaction could be executed at any time.
Essential Business Intelligence, Sharp Market Insights, Practical Personal Finance Advice, Daily Fuel, Gold and Silver Prices and Latest Stories — On NDTV Profit.