Shares of Sapphire Foods were trading in the red and 1.5% lower on 6 December after the company promoter entity offloaded a 4.2% stake in the company.

The promoter of the company, Arinjaya, divested a 4.2% stake in the restaurant operator for Rs 378 crore through a bulk deal; Arinjaya Ltd offloaded 27 lakh shares in the company for an average price of Rs 1,400.01 per share, taking the transaction value to Rs 378 crore.

Arinjaya Ltd reduced its stake in Sapphire Foods from 7.99% to 9.79%. According to the 30 September shareholding data, the company’s other promoter, Sapphire Foods Mauritius, holds 29.28% stake.

The Singapore government picked up 20.19 lakh shares of the company at the same price.

In its quarterly report for July-September, the company reported a 43% year-on-year (YoY) decline in its consolidated net profit to Rs 15.3 crore from Rs 27 crore reported in the same quarter last year.

However, the total revenue stood at Rs 643 crore for the quarter, which is a 14.2% YOY increase from Rs 563 crore reported in the same quarter of the previous fiscal year.

At 3:30 pm, the shares of Sapphire Foods closed 0.54% higher at Rs 1,414 on NSE.