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Manappuram Finance slips 6% after 5% equity changes hands in block deals

At 09:15 am, around 43.05 million shares of Manappuram Finance changed hands via block deals on the BSE

SI Reporter  |  Mumbai 

fiscal deficit, shares, downward ratio

Shares of slipped 6 per cent to Rs 174 on the BSE in the early morning deal on Tuesday after nearly 5 per cent of total equity of gold finance company changed hands via block deals.

At 09:15 am, around 43.05 million shares of have changed hands via block deals on the BSE, the exchange data shows. The name of the buyers and sellers were not ascertained immediately.

According to a Bloomberg report, Baring India Private Equity Fund II is offering 42 million shares (5 per cent) of the company in an accelerated book-building with a floor price of Rs 172 per share, which are at a discount of 6.57 per cent to the last closing prices.

As on December 31, 2019, Baring Fund has 8.76 per cent stake or 74 million shares in the company, the shareholding pattern data shows.

In the past six months, the stock of has outperformed the market by surging 63 per cent, against 7.4 per cent rise in the S&P BSE Sensex till Monday. It hit an all-time high of Rs 195 on January 29, 2020.

At 10:06 am, the stock was trading 5 per cent lower at Rs 176 on the BSE, as compared to 1.2 per cent rise in the benchmark index. A combined 63.8 million shares, representing 7.5 per cent of total equity, of Manappuram Finance changed hands on the BSE and NSE so far.

First Published: Tue, February 04 2020. 10:09 IST
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