AVCJ

Premji buys stake in Heritage Foods, Kotak India exits

  • Andrew Woodman
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Kotak India Value Fund has exited the remainder of its stake in Indian retailer Heritage foods to Azim Premji, chairman of Indian IT multinational Wipro, who has bought a 4.7% stake in the company.

The purchase was made through open market transactions in the Bombay Stock Exchange-listed company, promoted by Andhra-based politician N. Chandrababu Naidu. According to VCCircle, the stake was acquired through three Premji-owned investment companies.

It is estimated that a 4.7% stake in Heritage would have cost about INR210 million.

According to regulatory filing, Kotak India Focus Fund previously held a 9% stake, the bulk of which was sold on October 31.

In a statement, Heritage Foods denied rumors regarding an open offer by a strategic player with a total transaction value of $100 million.

Premji has made several consumer sector investments in recent months, including a $25 million commitment to JSM Corp, which runs Hard Rock Cafe and California Pizza Kitchen restaurants in India.

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