Five Star Business Finance rises 2% post block deal as 8.8% equity changes hands
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Public holds the majority of the stake in Five-Star Business Finance stock with 52.16 percent.
Shares of Five Star Business Finance jumped nearly 2 percent in early trade on September 4, post a block deal where 8.8 percent of equity changed hands. At 10:49 am the Five Star Business stock was trading 1.38 percent higher at Rs 738.14 on NSE.
Details about the block deal
Foreign investors Norwest Venture Partners X – Mauritius, Matrix Partners India Investment Holdings II LLC, and TPG Asia VII SF Pte Ltd have collectively sold an 8.75 percent stake in mortgage lender Five-Star Business Finance on September 1.
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The sale of 2.55 crore shares amounted to a substantial Rs 1,862.86 crore. In contrast, HDFC Mutual Fund, through HTCL – HDFC Mid – Cap Opportunities Fund, acquired 41.19 lakh shares in Five-Star at an average price of Rs 730 per share, totaling Rs 300.7 crore.
Brokerage Views
Brokerage firm ICICI Securities has given a ‘buy’ rating to the Five-Star Business Finance stock with a target price of Rs 765 in a recently released report. The brokerage firm further stated that, “Five-Star Business Finance (Five-Star) is a direct play on the increasing formalisation of credit, especially in the small-ticket business loan segment.”
Brokerage firm Nomura has initiated coverage on Five-Star Business Finance with a “Buy” rating and set a price target of Rs 750 in a recently released report.
Shareholding Pattern
Public holds the majority of the stake in Five-Star Business Finance stock with 52.16 percent. Promoters and FIIs hold 34.39 percent and 8.74 percent stake respectively. DIIs hold the remaining 4.71 percent stake in the Five-Star Business Finance Non-Banking Financial Institution.
Stock Performance
Five-Star Business Finance stock has given a return 33.17 percent over the past six months. The benchmark Nifty Bank index has given a return of 7.48 percent over the same duration.
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