CreditAccess Grameen slumps 6% after large deals, promoter likely seller

Shares of CreditAccess Grameen plunged 6 percent in the early trade on June 30 following large deals on the bourses. Around one crore shares, or a 6.5 percent stake, worth Rs 1,277 crore changed hands on the exchanges.

The buyers and sellers could not be immediately ascertained but CNBC Awaaz had reported a day earlier that the promoter CreditAccess India BV was looking to sell up to a 5.8 percent stake worth Rs 1,107 crore in the microfinance firm.

The base price for the block deal was likely to be Rs 1,230 per share, the CNBC Awaaz report said. Dutch firm CreditAccess India BV held a 73.68 percent stake in CreditAccess Grameen, according to the company’s shareholding data as on March 31.

At 9.31 am, shares of CreditAccess Grameen were trading 5.4 percent lower at Rs 1,254.5 on the National Stock Exchange.

Follow our live blog for all the market action

Shares of CreditAccess Grameen shot up over 12 percent in the past 10 sessions. The company recently signed a $200-million external commercial borrowing (ECB) agreement, hailed as a milestone. This deal represents the first social ECB loan in the microfinance industry in the country and the fourth to originate from India.

The Bengaluru-headquartered NGO-turned-microlender is the largest micro-financer in terms of its loan book, with assets under management (AUM) amounting to Rs 16,540 crore as of September.

On its analyst day on May 18, the company also unveiled its plan to have Rs 500 billion worth of assets, reflecting a 20-25 percent CAGR (Compounded Annual Growth Rate) of over the next four-five years, from Rs 200 billion in March.

Disclaimer: The views and investment tips expressed by investment experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.?????????????