GQG Partners, an asset management firm based in Fort Lauderdale, has acquired a 2.6 percent equity stake in IDFC First Bank, a private sector lender, through open market transactions on September 1.
GQG Partners, founded by Rajiv Jain, purchased this stake in the bank through two funds. The GQG Partners Emerging Markets Equity Fund acquired 6.38 crore equity shares, while the Goldman Sachs Trust II-Goldman Sachs GQG Partners International Opportunities Fund acquired 10.77 crore shares, as per bulk deals data available on the BSE.
These shares represent 2.6 percent of the total paid-up equity of the private lender and were purchased at an average price of Rs 89 per share, amounting to a total of Rs 1,527.26 crore.
In the same transaction, Cloverdell Investment, owned by global private equity firm Warburg Pincus, sold 27.87 crore shares, equivalent to a 4.2 percent shareholding in the bank, at the same average price. The stake sale by Cloverdell was valued at Rs 2,480.34 crore.
As of June 2023, Cloverdell held a 7.12 percent stake, representing 47.17 crore shares, in IDFC First Bank. Despite settling Friday's trade with a modest 0.11 percent gain at Rs 93.44 on the BSE, the stock has been on an upward trajectory, recording gains in 18 out of the last 20 weeks and achieving a remarkable 73 percent increase during that period.
In another development, Five-Star Business Finance garnered attention on Friday as its stock fell by 5.89 percent to Rs 727.80 following a significant stake sale by foreign investors.
Foreign investors, including Norwest Venture Partners X - Mauritius, Matrix Partners India Investment Holdings II LLC, and TPG Asia VII SF Pte Ltd, collectively sold 2.55 crore shares, equivalent to 8.75 percent of the total paid-up equity, of the mortgage lender. The stake sale amounted to Rs 1,862.86 crore.
HDFC Mutual Fund was among the buyers of these shares, with HTCL - HDFC Mid - Cap Opportunities Fund acquiring 41.19 lakh shares in Five-Star Business at an average price of Rs 730 per share, totaling Rs 300.7 crore.
GQG Partners, founded by Rajiv Jain, purchased this stake in the bank through two funds. The GQG Partners Emerging Markets Equity Fund acquired 6.38 crore equity shares, while the Goldman Sachs Trust II-Goldman Sachs GQG Partners International Opportunities Fund acquired 10.77 crore shares, as per bulk deals data available on the BSE.
These shares represent 2.6 percent of the total paid-up equity of the private lender and were purchased at an average price of Rs 89 per share, amounting to a total of Rs 1,527.26 crore.
In the same transaction, Cloverdell Investment, owned by global private equity firm Warburg Pincus, sold 27.87 crore shares, equivalent to a 4.2 percent shareholding in the bank, at the same average price. The stake sale by Cloverdell was valued at Rs 2,480.34 crore.
As of June 2023, Cloverdell held a 7.12 percent stake, representing 47.17 crore shares, in IDFC First Bank. Despite settling Friday's trade with a modest 0.11 percent gain at Rs 93.44 on the BSE, the stock has been on an upward trajectory, recording gains in 18 out of the last 20 weeks and achieving a remarkable 73 percent increase during that period.
In another development, Five-Star Business Finance garnered attention on Friday as its stock fell by 5.89 percent to Rs 727.80 following a significant stake sale by foreign investors.
Foreign investors, including Norwest Venture Partners X - Mauritius, Matrix Partners India Investment Holdings II LLC, and TPG Asia VII SF Pte Ltd, collectively sold 2.55 crore shares, equivalent to 8.75 percent of the total paid-up equity, of the mortgage lender. The stake sale amounted to Rs 1,862.86 crore.
HDFC Mutual Fund was among the buyers of these shares, with HTCL - HDFC Mid - Cap Opportunities Fund acquiring 41.19 lakh shares in Five-Star Business at an average price of Rs 730 per share, totaling Rs 300.7 crore.
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