MUMBAI – Global private equity firm General Atlantic is likely to sell 6.2% stake in KFin Technologies through a block deal, ETNow reported, quoting sources.
In case of a strong response, the private equity firm has the option to sell another 3.8% stake in the company, thereby taking the total deal size to 10% stake.
The floor price set for the sale is Rs 490, a discount of 8% to the current market price. On Thursday, shares of the company ended 5.6% higher on the National Stock Exchange at Rs 531.80.
The offer size is around Rs 515-833 crore, with 90 days of lock-in, and IIFL Securities is the broker to the deal, the news channel reported.
General Atlantic is part of the promoter group, and held 49.12% stake in KFin Technologies, through entities – General Atlantic Singapore Fund Pte and General Atlantic Singapore KFT Pte Ltd.
The stock, which got listed in December last year, has given more than 54% returns so far in 2023. General Atlantic had sold partial stake in the company during its initial public offering.
KFin Technologies provides financial services platform for the capital market participants such as asset managers, wealth funds, and corporate insurers.
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