General Atlantic cuts 10% stake in KFin Technologies for ₹1,790 crore

Private equity firm General Atlantic, promoter entity of KFin Technologies, on Tuesday pared a 10 per cent stake in the financial services platform for Rs 1,790 crore through open market transactions. 

New York-headquartered General Atlantic, through its arm -- General Atlantic Singapore Fund Pte -- sold 1.72 crore shares or 10 per cent stake in Mumbai-based KFin Technologies in two separate tranches, as per the bulk deal data on the NSE. 

The shares were offloaded in the price range of Rs 1,040.31-1,041.56 apiece on the National Stock Exchange (NSE), taking the combined transaction value to Rs 1,790.41 crore. 

After the transaction, General Atlantic's holding in KFin Technologies fell to 21.98 per cent from 31.98 per cent. 

Meanwhile, Societe Generale, Kotak Mahindra Mutual Fund and Copthall Mauritius Investment purchased a total of 63.23 lakh shares or 3.68 per cent holding in KFin Technologies for Rs 657 crore. 

As per the data, Societe Generale bought 34.47 lakh shares of KFin Technologies, Kotak Mahindra Mutual Fund acquired 19.32 lakh scrips of the company, and Copthall Mauritius Investment picked up 9.44 lakh shares of the financial services platform. 

The shares were picked up by the three entities in the price range of Rs 1,040-1,040.66 apiece. 

Details of the other buyers of KFin Technologies' shares could not be ascertained on the exchange. 

Shares of KFin Technologies on Tuesday plunged 5.81 per cent to close at Rs 1,052.90 apiece on the NSE. 

In May last year, General Atlantic divested a 5.8 per cent stake in KFin Technologies for Rs 712 crore. 

KFin Technologies, listed in December 2022, raised a total of Rs 1,500 crore via an initial public offering, which was entirely an offer for sale by its promoter General Atlantic Singapore. 

Incorporated in 2017, KFin Technologies provides services and solutions to asset managers and corporate issuers across asset classes.