Azim Premji has picked up a two per cent stake in Koutons Retail, an apparel retail company, for about Rs 20 crore.According to information available, Premji picked up about 300,000 shares of the Rs 700 crore publicly listed retail company, from the secondary market, through his private equity fund PremjiInvest.
This is the second investment by Premji in a textiles related company after he had bought a little over three per cent in Bangalore-based Himatsingka Limited. The company which is into textiles exports, also has a growing retail presence in home furnishings.
Ajay Mahajan, chief financial officer, Koutons Retail, confirmed the purchase by Premji.PremjiInvest is said to have a corpus of $1 billion (about Rs 4,000 crore) which is expected to be drawn down over three years. This private equity set-up has a team of about 20 professionals who hunt lucrative investment opportunities.
In addition to Koutons and Himatsingka, PremjiInvest has also invested $10 million (about Rs 400 crore) in Cicada Resorts, another Bangalore-based eco-tourism operator.
Read more in The Business Standard article.
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