Manappuram Finance shares fall 2% amid reports of block deal

Shares of Manappuram Finance fell 1.98% at Rs 143.2 as of 9:47 a.m. after the company’s 11% share capital changed hands in a block deal on Aug. 24, Bloomberg reported. . However, details about the buyer and seller are still unknown.
As of June 30, founding vice president Nandakumar holds a 29% stake in Manappuram Finance. Jyoti Nandakumar, another promoter, holds a 5.67% stake in the company.
Among mutual funds, the SBI counterpart fund holds 1.19% of Manappuram Finance, while the mid-cap DSP fund holds 2.43%. Among foreign portfolio investors, Bnp Paribas Arbitrage owns 1.74% shares of Manappuram Finance and Bofa Securities Europe Sa owns 1.44% shares of the company.
Quinag Acquisition is the largest foreign institutional investor in the stock with a 9.9% stake as of June 30, 2023. The company’s net profit increased 76% year-on-year to Rs 498 crore (vs. same period last year) from April to June. a quarter. Revenue increased 34% year-on-year to Rs 2,026 crore during the same period.