Manappuram Finance soars 40% post Baring PE India stake hike
The stock of Kerala-based gold finance company has rallied 40% from Rs 10.17 in past one week as compared 2.4% rise in Sensex.
Manappuram Finance is locked in upper circuit for fourth consecutive day, up 5% at Rs 14.19 on BSE after Baring Private Equity Partners India (Baring PE India) increased its holdings in the company to 11.56% through open market purchases.
The stock of Kerala-based gold finance company has rallied 40% from Rs 10.17 in past one week as compared 2.4% rise in BSE Sensex.
On July 16, Baring India had acquired 1.50 million equity shares of the company through its two funds - Baring India Private Equity Fund II (Fund 2) and Baring India Private Equity Fund III (Fund 3) via open market.
Following this purchase, the private equity major's shareholding in Manappuram has increased to 11.56% from 9.48% earlier, it added.
Baring India held 10.66% stake in the company at the end of June 30, 2013 quarter.
A combined 3.61 million shares have already changed hands on the counter and there are pending buy orders for 514,600 shares on BSE and NSE at 1052 hours.
The stock of Kerala-based gold finance company has rallied 40% from Rs 10.17 in past one week as compared 2.4% rise in BSE Sensex.
On July 16, Baring India had acquired 1.50 million equity shares of the company through its two funds - Baring India Private Equity Fund II (Fund 2) and Baring India Private Equity Fund III (Fund 3) via open market.
Following this purchase, the private equity major's shareholding in Manappuram has increased to 11.56% from 9.48% earlier, it added.
Baring India held 10.66% stake in the company at the end of June 30, 2013 quarter.
A combined 3.61 million shares have already changed hands on the counter and there are pending buy orders for 514,600 shares on BSE and NSE at 1052 hours.
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First Published: Jul 23 2013 | 10:58 AM IST