Shares of KFin Technologies were nosediving on Thursday after the firm’s promoter group reportedly sold a significant stake in the financial services firm.

What Happened: A block deal involving a 6% equity stake in financial services firm KFin Technologies took place on the exchanges at a floor price of ₹720 per share in early trading on Thursday. Although the parties involved in the transaction were not confirmed, CNBC-TV18 reported that General Atlantic Singapore is likely the seller.

General Atlantic Singapore Fund, a global private equity firm, might sell a 4.1% stake in KFin Technologies, with the potential to increase this to 6.8%, CNBC-TV18 had reported, citing sources. The initial offering size was expected to be ₹500 crore, potentially rising to ₹833.3 crore.

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General Atlantic, a promoter group, holds shares in KFin Technologies through General Atlantic Singapore Fund Pte and General Atlantic Singapore KFT Pte. The Singapore Fund owns 38.03% of the company, while the Singapore KFT owns 0.94%, according to BSE shareholding data.

KFin Technologies reported a 30.6% increase in profit after tax, reaching ₹74.5 crore for the quarter ended March 2024, driven by robust performance across its business verticals.

Price Action: Kfin Technologies’ share price was down 6.78% at ₹693.45 in early trade on Thursday.

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