Quinag exits Manappuram Finance, sells entire stake for Rs 1,177 crore

Foreign fund house Quinag Acquisition on Thursday offloaded its entire stake in Manappuram Finance for Rs 1,177 crore through an open market transaction.

According to the bulk deal data available with the BSE, Quinag Acquisition (FPI) disposed of 8,37,85,880 shares amounting to a 9.90 per cent stake in Manappuram Finance.

The shares were offloaded at an average price of Rs 140.50 apiece, taking the transaction value to Rs 1,177.19 crore.

At the end of June quarter, Quinag owned more than 8.37 crore shares which is equivalent to 9.90 per cent stake in the company, as per the shareholding data available with the BSE.

Meanwhile, Bofa Securities Europe SA acquired 62.60 lakh shares and Chartered Finance and Leasi NG bought 50 lakh shares of Manappuram Finance.

Shares of Manappuram Finance fell 2.64 per cent to close at Rs 142.25 apiece on the BSE.

In a separate open market transaction on the BSE, promoter entity Sapphire Foods Mauritius pared a 2.5 per cent stake in restaurant operator Sapphire Foods India for Rs 220 crore.

Sapphire Foods India is one of the largest franchisees of Yum! Brands Inc in the Indian subcontinent.

According to the block deal data available with the BSE, Sapphire Foods Mauritius sold more than 16.24 lakh shares, amounting to a 2.5 per cent stake in Sapphire Foods India.

The shares were offloaded at an average price of Rs 1,355 per piece, taking the aggregate transaction value to Rs 220.16 crore.

These shares were acquired by WMP Dublin Plc Emerging Markets Opportunities Portfolio, WTCNAM Common Trust Funds Trust Emerging Markets Opportunities Portfolio and New York State Common Retirement Fund and Sprugos Investments VIII.

Shares of Sapphire Foods India gained 0.45 per cent to close at Rs 1,367 apiece on the BSE.

Last December, promoter entity Sapphire Foods Mauritius divested a 5.9 per cent stake in Sapphire Foods for Rs 509 crore.