KFin Tech shares dive 9% after large deal worth Rs 1,650 crore

Moneycontrol could not immediately identify the parties involved in the transaction but reports suggested that promoter General Atlantic was looking to pare stake in the company.

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Shares of KFin Technologies nosedived over 9 percent in early trade on December 15 after a large deal worth Rs 1,650 crore took place on the exchanges.

Around 3.3 crore shares, representing 20 percent equity in the company changed hands on the exchanges at a floor price of Rs 500 apiece. The floor price sits at nearly 6 percent discount to the stock’s previous day closing price.

At 09.44 am, shares of KFin Technologies were trading 5.5 percent lower at Rs 502.35 on the NSE.

The large deal also triggered a sharp spike in volumes in the counter as 5 crore shares changed hands on the bourses so far, significantly higher than the one-month daily traded average of three lakh shares.

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Moneycontrol could not immediately identify the parties involved in the transaction. However, a report by ET-NOW stated that the promoter General Atlantic was looking to pare a 6.2 percent stake in the company through a block deal.

The report also stated that the private equity firm could also sell an additional 3.8 percent, taking the total stake sale to upto 10 percent.

The offer size was likely to be around Rs 515-833 crore, with a 90-day lock-in period for the remaining stake as per the report.

As per the company’s shareholding data at the end of the June quarter, promoter General Atlantic owned a 49.12 percent stake through its affiliates like General Atlantic Singapore Fund and General Atlantic Singapore KFT.

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