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Blackstone exits SH Kelkar & Co, sells 10.4% stake to Firmenich via block deal

business | Nov 10, 2021 10:16 AM IST

Blackstone exits SH Kelkar & Co, sells 10.4% stake to Firmenich via block deal

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Kedar Vaze, group CEO of SH Kelkar & Company, on Wednesday, said that an international flavour and fragrance company, Firmenich has acquired a stake in the company. Blackstone sold its existing 10.4 percent stake in the firm via a block deal. The deal was done at Rs 173 per share and 1.4 crore shares were sold.

Kedar Vaze, group CEO of SH Kelkar & Company, on Wednesday, said that an international flavour and fragrance company, Firmenich has acquired a stake in the company.

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Blackstone sold its existing 10.4 percent stake in the firm via a block deal. The deal was done at Rs 173 per share and 1.4 crore shares were sold.
According to Vaze, the company was aware that Blackstone was looking at an exit.
“We are glad that an international flavour and fragrance (F&F) industry player has acquired a stake. This entry showcases our strong underlying business and demonstrates confidence and prospects of our business,” Vaze said, in an interview to CNBC-TV18.
On stake sale, he said, “Blackstone has been associated with our company for more than 8 years and as part of their exit strategy they have options to sell their stake to various companies including strategic and industry players.”
“We, as a promoter family, have more than 55-58 percent stake as of now. Last year, the stock went down and the promoters bought an additional 2 percent and the same was sold back to the market when the market condition stabilized. So that was an additional investment, which subsequently has been offloaded to the market. We continue to maintain our 56-57 percent promoter holding, which was the holding when we did the IPO – that’s our core holding and we will continue to keep that for long-term,” Vaze said.
For the entire management interview, watch the video
 
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