Dynasty Acquisition (FDI) Ltd has sold 2.72 million shares in Murugappa Group firm Cholamandalam Investment and Finance Company, for a total trade price of Rs 299.66 crore.
According to the bulk deal data with National Stock Exchange, the investor sold the shares for a trade price of Rs 1,100.54 per share. As on June 30, 2016, it was holding around 1,2285,012 equity shares in Cholamandalam.
Cholamandalam Investment, in 2014, raised Rs 500 crore from Dynasty Acquisition, a company backed by funds advised by Apax Partners, by allotting 5,00,00,000 shares at 1 per cent compulsorily convertible preference shares (CCPS) of Rs 100 each.
As per the terms of the issue, the CCPS was converted into 1,22,85,012 equity shares of Rs 10 each, at a conversion price of Rs 407 per equity share at the end of 12 months from the date of allotment, in 2015.
