 "Pabrai Investment Funds sells 3% stake in Repco Home Finance for Rs 600 mn")
Indian-American businessman Mohnish Pabrai's fund has sold close to 3 per cent stake in Repco Home Finance through an open market transaction for an estimated sum of Rs 600 million.
According to a regulatory filing, Pabrai Investment Funds II and persons acting in concert, which held 7.16 per cent stake in Repco Home Finance earlier, sold 1.785 million shares representing 2.85 per cent of equity stake.
The shares were sold on November 29 and, based on the weighted average price of the stock at Rs 335.73, the transaction is estimated at Rs 599.4 million.
Post the sale, stake of Pabrai Investment Funds II and persons acting in concert in Repco Home Finance stands at 4.31 per cent.
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A unit of government-promoted cooperative Repco Bank, Repco Home Finance is engaged in the business of providing loans for purchase or construction of residential house.
Stocks of the company were trading 0.38 per cent lower at Rs 362.60 apiece on BSE.