Baring India divests stake worth over Rs 721 crore in Manappuram Finance

Baring India on Tuesday divested stake worth over Rs 721 crore in Manappuram Finance Ltd through open market transactions.

As per the bulk deal data on BSE, Baring India Private Equity Fund II and Baring India Private Equity Fund III offloaded a total of 4,14,60,136 shares at an average price of Rs 174 apiece.

This took the total deal value to over Rs 721.4 crore.

Among the buyers were Key Square Master Fund II LP, Copthall Mauritius Investment Ltd and Societe Generale, that bought a total of 2.26 crore shares at similar price, valuing the total deal amount at Rs 394.11 crore, the bulk data showed.

According to the shareholding data for December 2019 quarter, Baring India Private Equity Fund II and Baring India Private Equity Fund III are public shareholders of Manappuram Finance and held 3.12 per cent and 5.64 per cent shares in the firm, respectively.

On the BSE, shares of Manappuram Finance fell 6.32 per cent to Rs 172.55 per scrip on Tuesday.