Foreign fund house Quinag Acquisition sold its entire stake in Manappuram Finance for Rs 1,177 crore through an open market transaction, data available on the BSE said. Quinag Acquisition sold 8,37,85,880 shares amounting to a 9.90 per cent stake in Manappuram Finance on Thursday.
The shares were offloaded at an average price of Rs 140.50 apiece, taking the transaction value to Rs 1,177.19 crore. On Friday, the stock opened at Rs 141.45, down by 0.56 per cent.
Quinag Acquisition was the biggest foreign institutional investor in the stock as of June 30, 2023.
Till June 30, promoter VP Nandakumar owned 29 per cent stake in the non-banking financial corporation. Jyoti Nandakumar, another promoter, has 5.67 per cent stake in the company. Among mutual funds, SBI contra fund has 1.19 per cent stake in Manappuram Finance, whereas DSP midcap fund holds 2.43 per cent.
Among Foreign Portfolio Investors, BNP Paribas Arbitrage held 1.74 percent of Manappuram Finance and Bofa Securities Europe Sa has a 1.44 per cent stake in the company.
On Thursday, Bofa Securities Europe SA acquired 62.60 lakh shares and Chartered Finance and Leasi NG bought 50 lakh shares of Manappuram Finance.
Shares of Manappuram Finance slipped 4 per cent to Rs 140 on the BSE in Thursday’s intra-day trade. The stock closed at Rs 142.25 apiece on the BSE.
In past six months, Manappuram Finance has outperformed the market by surging nearly 40 per cent, as against 10.7 per cent rise in the benchmark index.
Motilal Oswal Financial Services anaylsts have said that Manappuram Finance will be able to demonstrate the guided recovery in gold loan yields to ~22 per cent and deliver a healthy gold loan growth of ~12 per cent (which will be aided by higher gold prices as well). This will give credence to the management attribution of gold loan growth to lesser aggression from banks and the return of the core gold NBFC customers to the gold-lending fold.
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