Mannappuram sells 4% stake to Baring, Sequoia for $28.9 million
Abhay Aima, Director, HDFC Securities told NDTV Profit that Budget 2012 could have greater impact than the previous budgets as the government may end up surprising everyone.
Manappuram Finance Ltd’s founder on Wednesday sold about 4 per cent stake to three large private equity funds, including Baring Private Equity and Sequoia, for about $28.9 million, exchange data showed.
The company's chairman V P Nandakumar sold 36.1 million shares, or 4.3 per cent, of the company's equity at 40 rupees a share, data from National Stock Exchange showed.
Nandakumar held 30.6 percent stake in the company as on Dec 31, data showed.
Baring Private Equity Partners, Nambe Investment Holdings, an arm ofSequoia Capital and Bric II Mauritius Trading bought the shares, according to the data.
Earlier in the day, the company said in a statement that its chairman will sell four percent stake to some institutional investors.
Shares of Manappuram closed 4.18 percent higher at 46.10 rupees.
The company, known for extending retail loans against gold, had come under a cloud last month after the Reserve Bank of India barred it, and a sister company Mannappuram Agro Farms (MAGRO) were barred by law from taking deposits from investors since they were both non-deposit Non-Banking Finance Companies.
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