AU Small Finance Bank gains on offloading 4.46% in Aavas Financiers

AU Small Finance Bank rose 1.51% to Rs 882.35 after the bank said it sold 35 lakh equity shares, or 4.46% stake, held in Aavas Financiers on 23 November 2020.

Post sale, AU Small Finance Bank's current shareholding stands at 3,383 equity shares in Aavas Financiers. The announcement was made post trading hours yesterday, 23 November 2020.

As of 30 September 2020, AU Small Finance Bank held 4.57% stake in Aavas Financiers. Shares of Aavas Financiers gained 1.13% to Rs 1,544.35 on BSE.

AU Small Finance Bank's standalone net profit soared 87.2% to Rs 321.88 crore on a 26.5% rise in net sales to Rs 1,498.15 crore in Q2 September 2020 over Q2 September 2019.

AU Small Finance Bank operates as a commercial bank. The bank offers financial products and services such as savings and current accounts, term deposits, debit cards, insurance, government banking, retail loans, and microfinance lending.

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