Manappuram Finance soars on Baring India stake buys

On July 16, Baring India has acquired 1.50 million equity shares of the company through its two funds via open market.

Manappuram Finance is locked in upper circuit of 10% at Rs 12.88 after the gold loan company said Baring Private Equity Partners India Ltd has raised its holdings in company through open market purchases.

“Baring India on July 16, 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,” Manappuram Finance said in a BSE filing.

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.

The stock opened at Rs 12.25 and hit a low of Rs 12.17 so far on BSE. A combined 1.83 million shares have changed hands so far and there are pending buy orders for 1.43 million shares on BSE and NSE at 1038 hours.