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Norwest Venture sells Cholamandalam shares worth Rs 250 cr

Press Trust of India  |  New Delhi 

Norwest Venture Partners today sold nearly 21 lakh shares of Cholamandalam Investment and Finance Company, the financial services division of Murugappa group, for over Rs 250 crore through open market transactions.

However, buyer(s) of the shares could not be ascertained immediately.

Venture capital firm Norwest Venture Partners X FII- Mauritius offloaded 11,87,500 shares of Cholamandalam Investment and Finance Company on BSE and another 9,05,032 scrips of the firm on the NSE, bulk deal data available with the exchanges showed.

The shares were divested at Rs 1,200.20 apiece, valuing the transaction at Rs 251.14 crore, data showed.

As of September quarter, Norwest held over 59.22 lakh shares or 3.79 per cent stake in the company.

Cholamandalam Investment and Finance Company has more than 700 branches and manages assets worth over Rs 35,000 crore.

The scrip of Cholamandalam today surged 6.21 per cent to settle at Rs 1,221.95 apiece on BSE.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Wed, November 01 2017. 19:48 IST