Multi-stage investor SAIF Partners has increased its holding in fine dining chain operator Speciality Restaurants, whose brands include Mainland China and Oh! Calcutta.
The PE firm had originally invested in the company in 2007. It stayed put as Speciality Restaurants and went public in mid-2012 but has been raising its holding for the last one year.
In the latest tranche SAIF Partners Fund IV invested Rs 14.4 crore ($2.36 million) to buy 2.27 per cent stake through open market on Thursday. Exchange filings show Speciality Restaurants’ promoter Anjan Chatterjee sold 2.3 per cent stake the same day.
SAIF acquired 1,067,561 equity shares at a price of Rs 135 per share aggregating Rs 14.4 crore, taking its holding in Speciality Restaurants to 18.89 per cent.
The PE firm has previously bought shares worth around Rs 4.4 crore in February this year through open market transactions. Late last year too it had bought approximately 3.2 per cent from Glix Securities, another pre-IPO investor for Rs 18.74 crore.
Speciality Restaurants has brands like Mainland China, Oh! Calcutta, Machaan, Sigree Global Grill, Flame & Grill, Haka, KIBBEH, Kix, Shack and a confectionery brand, Sweet Bengal.
Earlier this year, it formed a joint venture company in Doha, Qatar in partnership with Al-Mohannadi Group to expand its flagship brand serving oriental cuisine Mainland China overseas.
Shares of Speciality Restaurants were trading at Rs 140.10 each, down 1.27 per cent on BSE in a weak Mumbai market on Friday at 12.40 PM.
For the year ended March 31, 2014, Speciality Restaurants reported net sales of Rs 273.69 crore, up 15.9 per cent over FY13 but net profit declined from Rs 23.41 crore in the year ended March 31, 2013 to Rs 18.9 crore this year.
The restaurant chain also counts Wipro chief Azim Premji as a private investor.
(Edited by Joby Puthuparampil Johnson)