Baazar Style Retail jumps 5% after Aditya Halwasiya buys Rs 163 crore stake

Shares of Baazar Style Retail hit the 5% upper circuit at Rs 383.50 on Monday after reports that Aditya Halwasiya bought about 45 lakh shares worth Rs 163 crore in a block deal. The shares traded at Rs 362 apiece in the deal. The seller was not disclosed.

Livemint reports that Halwasiya was not listed among public shareholders as of June 30. Promoters held 45% of the company at the end of June, with the public holding 55%. The investment follows Cupid Limited’s strategic investment through warrants equal to about 12% of the company upon conversion. Nearly 3% of those warrants have already been converted into equity.

Baazar Style Retail plans to expand to at least 500 stores over the next three years. The stock has risen 14% in the past week and 29% in the past month. It has delivered 42% returns year-to-date and 22% over the past year.