SmallCap World Fund offloads Aavas Financiers' shares for Rs 111 crore

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SmallCap World Fund on Monday offloaded shares of financial services company Aavas Financiers for nearly Rs 111 crore through an open market transaction.

According to the bulk deal data available with the National Stock Exchange (NSE), SmallCap World Fund Inc sold more than 7.70 lakh shares, nearly 1 per cent stake in Aavas Financiers.

The shares were disposed of at an average price of Rs 1,437.74 apiece, taking the transaction value to Rs 110.77 crore.

Meanwhile, Societe Generale acquired 3.96 lakh shares of Aavas Financiers at an average price of Rs 1,427.21 per piece, while other buyers identity is not known.

Shares of Aavas Financiers jumped 5.17 per cent to settle at Rs 1,466.10 apiece on the NSE.

In two separate open market transactions on June 14 and June 16, SmallCap World Fund Inc sold a 1.6 per cent and 0.90 per cent, respectively, for a combined deal value of Rs 269 crore.

AAVAS Financiers Ltd is primarily engaged in the business of providing housing loan to customers belonging to low- and middle-income segment in semi-urban and rural areas.