Partners Group sells Rs 837 cr worth of shares of Aavas Financiers

Global private markets investment manager Partners Group on Friday sold Rs 837.4 crore worth of shares of mortgage financier Aavas Financiers through open market transactions, data from stock exchanges show.

The stock slid 3.7 per cent on the BSE Sensex to end at Rs 2,385 on Friday and is down 10.1 per cent since August 17.

The bulk deal data showed that Partners Group ESCL sold 2,372,060 shares or 3.02 per cent of the equity at an average price of Rs 2,454, valuing the deal at Rs 582 crore. Partners Group Equity Master Fund sold 1,040,976 shares or 1.33 per cent in the company at the same price at a value of Rs 255.4 crore.

Major buyers on Friday included the Government of Singapore, which bought a 0.98 per cent stake valued at Rs 189.1 crore, and HDFC Mutual Fund, which purchased 0.54 per cent of the company at Rs 104.2 crore. Abu Dhabi Investment Authority, Avendus, HDFC Standard Life Insurance, and Monetary Authority of Singapore were the other major buyers who bought shares totalling Rs 313.3 crore.

The company’s net profit for the quarter ended June rose 18.2 per cent to Rs 59.05 crore compared with Rs 49.97 crore during the same period last year. Sales rose to Rs 271.9 crore in Q1, up 16.5 per cent over the year-ago period.

In February, Lake District Holdings, an entity owned by homegrown private equity firm Kedaara Capital, another promoter of Aavas Financiers, had sold 36.67 million shares or 4.67 per cent of the total holdings for Rs 666 crore according to reports.