On Wednesday, Bikaji Foods International shares experienced a slight drop of 1% at the opening of the National Stock Exchange (NSE), following the sale of a 1.3% stake by Lighthouse India Fund III. However, by 12:13 ET (16:13 GMT), the shares had recovered, trading 0.3% higher at Rs 514.
Lighthouse India Fund III sold approximately 32.42 lakh (3.24 million) equity shares in Bikaji Foods International through open market transactions at an average price of Rs 480 ($1 = INR83.125) per share. As of June 2023, Lighthouse India held a 2.7% stake in the company.
In a corresponding transaction, Plutus Wealth Management LLP acquired 13.5 lakh shares in Bikaji Foods International at an average price of Rs 480.11 per share.
The snacks producer recently reported robust financial results for the quarter ending June 2023. Revenue from operations increased by 15% year-on-year to Rs. 482.1 crore ($64 million), while net profit grew by a significant 163.8% year-on-year to Rs 41.4 crore ($5.5 million). The earnings before interest, taxes, depreciation and amortisation margin for June 2023 was up by 630 basis points from June 2022, standing at 13.6%.
Bikaji, with operations across India, exports products to 25 international countries including North America, Europe, and the Middle East.
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