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.
See Also: SJVN Share Price Drops Despite 255% Profit Growth — Devil In The Details
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.
Read Next: Tata Steel Shares Slide 2% After Profit Crashes 64% In Q4
Don't miss a beat on the share market. Get real-time updates on top stock movers and trading ideas on Benzinga India Telegram channel.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.