Quinag picks up stake in Manappuram Finance for Rs 143 cr

(Photo courtesy: Mannapuram Finance)
Foreign fund house Quinag Acquisition on Monday bought 1.51 crore shares of Manappuram Finance for over Rs 143 crore, through an open market transaction.

According to the bulk deal data available with the BSE, Quinag Acquisition (FPI) purchased 1.51 crore shares or 1.79 per cent stake in the non-banking financial company (NBFC).

The shares were acquired at an average price of Rs 94.73 apiece, valuing the transaction at Rs 143.04 crore, as per the data.

The seller of the shares could not be ascertained immediately.

Manappuram Finance stock settled the day on BSE at Rs 94.55, up 11.37 per cent from the previous close.

Apart from loan against gold, the NBFC also provides commercial vehicle loan, housing finance and small and medium enterprise (SME) loan.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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