Kalyan Jewellers India Ltd.’s promoter, Trikkur Sitarama Iyer Kalyanaraman, agreed to buy a 2.36% stake in the jewelry retailer from Highdell Investment Ltd. for 1,300 crore rupees ($155 million).

Kalyanaraman signed an agreement with Highdell to acquire around 2.43 crore shares of the company at 535 rupees apiece, Kalyan said in a stock exchange announcement. The company is not a party to the agreement.

Kalyan shares provisionally closed at 556 rupees apiece on the National Stock Exchange in Mumbai trading today.

Kalyan said the deal is subject to Kalyanaraman arranging required funds through financing.

The promoter and promoter group shareholding in the company will rise to 62.95% from 60.59% after the completion of the deal, according to the statement.

Note: $1 = 83.7970 Indian rupees

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