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Bazaar Style Retail jumps after Aditya Halwasiya block purchase
A block deal involving about 45 lakh shares valued at ₹163 crore pushed the stock to a 5% upper circuit, with plans to expand to at least 500 stores over three years.
Bazaar Style Retail shares hit the 5% upper circuit at ₹383.50 in Monday trading after reports identified Aditya Halwasiya as a new major shareholder following a large block deal, LiveMint Markets reported. The stock opened at ₹384.45 versus a previous close of ₹366.15.
According to LiveMint Markets, around 45 lakh shares were traded in the block deal window at about ₹362 apiece, valuing the transaction at roughly ₹163 crore. The report said Halwasiya was the buyer and that the seller details were not immediately available.
The purchase marks a shareholder shift for the retailer, which is seeking to scale operations, including expanding its store count to at least 500 over the next three years, LiveMint Markets reported. The stockholder base also includes Cupid Limited, which holds strategic investment through warrants equivalent to around 12% upon conversion, with warrants representing nearly 3% already converted into equity shares.
LiveMint Markets also noted that promoters and promoter entities held a 45% stake at the end of the June quarter, while public shareholders held the remaining 55%. The report said Halwasiya was not listed among public shareholders as of June 30, and that the stock gained over 14% in a week and 29% in a month.