Everstone Capital divest stake in S Chand

Everstone Capital divest stake in S Chand

Shares of S Chand and Company rallied more than 5% to trade at Rs 75.45 apiece on NSE even as private equity firm Everstone Capital decided to trim its stake in the publishing company.
On Friday, Everstone Capital sold 9,80,593 equity shares of Rs 5 each, representing 2.80% of the paid up share capital of S Chand and Company, on the stock exchange in multiple tranches. As a result of the latest sell, Everstone generated Rs 17.48 crore, while its stake stands reduced to 6.70% from 9.50%.

Everstone Capital has signed an agreement to acquire a controlling stake in Calibre, a specialty ingredients manufacturer of pharmaceutical, nutritional and personal care products, the investor said in a statement on Sunday. Financial details of the transaction were, however, not disclosed.
Funds raised from the stake sale will likely to be used for above acquisition.

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