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IIFL Inc buys Shriram City Union Finance shares worth Rs 100 crore

IIFL Inc today picked up over eight lakh shares in non-banking financial company Shriram City Union Finance for nearly Rs 100 crore in open market transactions.

According to data available with the stock exchanges, IIFL Inc purchased 4.12 lakh shares of Shriram City on the Bombay Stock Exchange (BSE) and 3.98 lakh stocks on the National Stock Exchange (NSE) from the open market.

The scrips were purchased on an average price of Rs 1,228.48, valuing the transaction at Rs 99.50 crore.

Shares of Shriram City Union Finance surged by 17.41 per cent to settle at Rs 1,227.80 on the BSE.

IIFL Inc was holding 20 lakh shares, accounting to 3.82 per cent stake, in Shriram City Union Finance at the end of December quarter.

Meanwhile, a total of 7.64 lakh shares of the company were offloaded by its two shareholders--Norwest Venture Parters and IDBI Trusteeship Services Ltd for Rs 94 crore.

Individually, Norwest Venture Parters, sold 3.94 lakh shares of Shriram City Union Finance for Rs 48.46 crore, while IDBI Trusteeship Services Ltd offloaded 3.70 lakh scrips of the NBFC firm for Rs 45.53 crore.

As of December quarter, Norwest Venture Parters X FII Mauritius held 43.42 lakh shares or 8.26 per cent stake in Shriram City Union Finance, while IDBI Trusteeship Services Ltd (India Advantage Fund VI) held 22.85 lakh scrips accounting to 4.35 per cent holding in the firm during the period.