Premji Invest buys stake in Future Lifestyle Fashion

Premji Invest, the investment arm of Wipro Chairman Azim Premji, has bought 3.26 per cent stake in Kishore Biyani’s Future Lifestyle Fashions (FLFL) for nearly Rs 196 crores. The shares were sold by Bennett Coleman and Company and India Opportunities Growth Fund Pinewood Strategy and were bought through open market transactions.

PI Opportunities Fund 1, part of PremjiInvest, purchased 62 lakh shares, or 3.26 per cent stake, in FLFL. The shares were acquired at an average price of Rs 316 apiece, valuing the transaction at Rs 195.92 crore, according to the data.

FLFL owns and markets over two dozen fashion brands through exclusive brand outlets, department stores and multi brand outlets, as well as company operated chains such as Central, Brand Factory and Planet Sports.