Stocks
Home First Finance shares tumble 6% after Rs 662 crore block deal
Mumbai/IBNS: Shares of Home First Finance Company fell nearly 6 percent on Thursday after 56.2 lakh shares, representing about 5.4 percent of the company’s equity, were traded in a block deal, media reports said.
The total value of the transaction stood at approximately Rs. 662.6 crore. The identities of the buyers and sellers have not been officially disclosed.
However, True North Fund V LLP and Aether (Mauritius) Ltd. are likely to be among the sellers, CNBC-TV18 reported, citing sources.
As of the end of the December quarter, True North held a 7.45 percent stake in the company, while Aether (Mauritius) Ltd. owned about 4.9 percent.
Private equity firm Warburg Pincus had exited the company in August last year by selling its entire 10.64 percent stake in a deal valued at Rs. 1,307 crore.
Despite the recent stock decline, Home First Finance reported strong financial performance in the December quarter, posting a 44 percent year-on-year increase in net profit.
The company’s profit rose to Rs. 140.2 crore from Rs. 97.7 crore in the corresponding period of the previous year.
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