Investment vehicles owned by Amit Burman and Saket Burman, both members of the Burman family that owns a majority stake in Dabur India Ltd, sold approximately 1% of their shares on Tuesday morning, raising over ₹1,000 crore.
It is estimated that each Amit Burman and Saket Burman sold half a per cent of their stake in the company, according to a person with knowledge of the development.
“The purpose of doing this transaction is to raise funds for financing some ventures in private hands of the Burman family,” the company said in an exchange filing.
Amit Burman, non-executive director at Dabur, sold his shares through his vehicle Gyan Enterprises Pvt Ltd and is expected to invest a bulk of his proceeds in his restaurant venture Lite Bite Foods, according to two people with knowledge of the development. Saket Burman, the vice-chairman of Dabur India Ltd, sold his shares via investment vehicle Chowdry Associates.
The Burman family has been building a diverse portfolio of assets outside the Dabur corporate balance sheet.
LiteBite Foods operates around 150 food and beverage outlets, across malls, airports, and hotels, according to its website. Its brands include Punjab Groll, Tres, Zambar, The Artful Baker and Asia 7.
Dabur India shares closed at ₹579.85 per share, shedding 1.51% from its Monday close.
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