Dhani Services hits 10% lower circuit on FPI selling; down 42% in 3 days

On Tuesday, Baillie Gifford Pacific Fund A Sub Fund Of Baillie Gifford Overseas Growth Funds ICVC has sold 9.43 million shares or 1.55% stake in Dhani Services at price of Rs 85.07 on the NSE

Shares of Dhani Services continued to reel under pressure, freezing at 10 per cent lower circuit for a third straight day. The shares were quoting at down limit of Rs 74.50 on the National Stock Exchange (NSE) on Wednesday after foreign portfolio investor (FPI) sold shares of the company via open market.

The exchanges have changed circuit filter of the stock from 20 per cent to 10 per cent with effect from today after the stock of the financial services company tanked 43 per cent in the past three trading days. In the past one week, the company's market price has eroded by 46 per cent as compared to a per cent decline in the Nifty50 index. The stock had hit a 52-week high of Rs 380 on March 2, 2021 and touched a record high of Rs 820 on August 28, 2018.

On Tuesday, February 22, 2022, Baillie Gifford Pacific Fund A Sub Fund Of Baillie Gifford Overseas Growth Funds ICVC sold 9.43 million equity shares, representing 1.55 per cent of total equity of Dhani Services, at a price of Rs 85.07 on the NSE, bulk deal data shows. The names of the buyers could not be ascertained immediately. CLICK HERE FOR BULK DEALS DATA

Baillie Gifford Pacific Fund held 12.62 million shares or 2.07 per cent stake in Dhani Services at the end of December 2021 quarter, shareholding pattern data shows. A total of 108 FPIs, including Jasmine Capital Investments Pte. Ltd and others held a combined 27.16 per cent stake in the company during the quarter, data shows.

Meanwhile, since February 7, 2022, the market price of Dhani Services has declined 51 per cent after Tamarind Capital Pte Ltd sold 10 million shares of the company at a price of Rs 153 per share via block deal on the BSE, the exchange data shows, while BofA Securities Europe SA had purchased 9.75 million shares of Dhani Services.

On Friday, February 18, 2022, Dhani Services informed the stock exchanges that Jasmine Capital Investments Pte. Ltd and Tamarind Capital Pte. Ltd had collectively reduced their stake by 2 percentage points (12.14 million equity shares) to 6.27 per cent from 8.27 per cent earlier. These entities had sold these shares between February 4, 2022 and February 17, 2022, the company said. CLICK HERE FOR FULL DETAILS

The name of the company has been changed from 'Indiabulls Ventures' to 'Dhani Services' with effect from October 6, 2020 to align its business of providing technology enabled subscription based healthcare and transaction finance services, through its Dhani App.

Dhani Services, through its various other subsidiaries, has been engaged in multifarious business activities including Asset Reconstruction, Stock Broking, etc. In addition, it may venture into the business of providing bouquet of services, directly or through its various subsidiary companies, depending upon the available business opportunities in domestic and / or international markets.

During the financial year 2020-21, Dhani Services had allotted 27.99 million equity shares of face value of Rs 2 each at price of Rs 550 per share to certain foreign investors, upon conversion of equivalent number of Compulsorily Convertible Debentures (CCDs) of face value of Rs 550 each, earlier issued and allotted to them on a preferential basis, in terms of shareholders' approval dated November 21, 2018 and November 28, 2018.

The company had also allotted 33.6 million equity shares at a price of Rs 175 per share, to certain foreign investors, on a preferential basis, in terms of shareholders' approval dated September 25, 2020.