CNBC-TV18 Newsbreak Confirmed: Flipkart sells 6% participation in Adityya Birla Lifestyle via a crore agreement of 998 crores

Flipkart Investments PVT LTD sold 6% participation on Monday in Aditya Birla Lifestyle Brands Ltd for approximately 998 crosses thanks to a block agreement on exchanges, according to exchange data.

The transaction confirms a Newsbreak CNBC-TV18 on Sunday.

Read also: Flipkart to unload 6% of the parties in Aditya Birla Lifestyle via a block agreement worth $ 112 million

The shares were sold at an average price of 136.45 ₹ each, a 7% discount at the closing price of the action today.

The sale of blocks has seen a strong interest in national institutions.

SBI Life Insurance bought 1.7 Brooder for 236 Brood, Nippon India Mutual Fund bought 1.8 share of share for 241 crore ₹, and ICICI Prudential Asset Management acquired 1.9 Brooder for 260 Broker, according to data.

After the sale, the participation of Flipkart in the lifestyle brands Aditya Birla would have fallen at around 19%, against 25% earlier.

Aditya Birla life -style brands, which are part of the Aditya Birla group, work in the premium clothing and lifestyle segment and manages brands in clothing for men and women.

The transaction highlights the increase in investors’ appetite for companies intended for consumers before the holiday season, the fundraiser betting on sustained growth in demand in the fashion and lifestyle space.