Manappuram head sell shares to repay depositors
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Manappuram Finance Stock News, Analyst Calls And Reviews
Manappuram Finance’s originator on Wednesday sold around 4% equity stake to three big private equity funds, which comprises Baring Private Equity and Sequoia.
Manappuram Finance’s sold the stake for around $28.9 million, the report said.
Manappuram Finance’s chairman VP Nandakumar sold around 36.1 million shares (4.3%), of the firm's equity at Rs 40 per share.
Mr. Nandakumar possessed 30.6% equity stake in Manappuram Finance as on Dec 31, data showed.
Baring Private Equity Partners, Nambe Investment Holdings, a division of Sequoia Capital and Bric II Mauritius Trading purchased the scrip.
Earlier in the day, the company announced that its chairman will sell 4% equity stake to a few IIs.
Today, the shares of Manappuram gained 3% to rule at Rs 47.40 on the Bombay Stock Exchange (BSE).
The stock looks good for medium or long term investment.
The investors can buy the stock on declines.
Manappuram head sell shares to repay depositors
Manappuram to trim loan against gold as per RBI norms
they are among major losers as the limit has been reduced from 70% to 60% of actual asset value.
Manappuram Finance extends losses post RBI action
