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WCP Holding III, an investment fund of former president of World Bank James Wolfensohn, has exited from housing finance firm Repco Bank by selling all its shares in two bulk deals for a total amount of Rs 201.26 crore.
It may be noted that WCP was one of the funds which invested into Repco Bank in the first half of 2013, acquiring around 13 per cent stake, shortly before the latter went for an IPO.
The fund today sold 27,28,100 shares in Repco Home Finance at a price of Rs 325.04 a share, on Thursday, for a total amount of Rs 88.67 crore, according to Bulk deals data available with the Bombay Stock Exchange. On Tuesday, WCP Holding III has sold more than half of its share holding in Repco Home Finance on Monday and made a 2x return from the sales.
On Tuesday, BSE's bulk deal data showed that the fund has sold 34,64,000 equity shares for Rs 325 each, which aggregates to an amount of Rs 112.59 crore. The fund had 61,92,100 shares, which is 9.96 per cent of the total shares, in the home finance company by the end of December, 2013.
Meanwhile, global investors Norges Bank and Black Rock India have invested around Rs 48.73 crore in the company.
Norges Bank- Government Pension Fund Global bought 5,96,857 shares at a price fo Rs 325.76 amounting to Rs 19.44 crore. Black Rock India Eq Fund Mauritus Ltd bought 5,46,087 shares at a price of Rs 325.76 and the Master Trust Bank of Japan Ltd, as trustee of Black Rock India Equity Fund bought 3,53,604 shares at a price of Rs 325.76.
Repco Home Finance, which was incorporated in April 2000 as a wholly owned subsidiary of the Repatriates Co-operative Finance and Development Bank Limited (Repco Bank Limited), a Government of India enterprise, has 91 branches and 31 satellite centres in Tamil Nadu, Andhra Pradesh, Kerala, Karnataka, Maharashtra, Madhya Pradesh, Gujarat, Odisha, West Bengal and Puducherry, as on March, 2014.
The company has a loan outsanding of Rs 4,319 crore, cumulative disbursement of Rs 6,045 crore and average loan per unit of Rs 10.7 lakh as on December 31, 2013. The Housing finance company has 47,064 live accounts and a capital adequacy ratio of 24.95 per cent. The net worth of the company as on December 31, 2013 is Rs 696.7 crore.
