Redwood Investment sells stake worth ₹1,531 crore in AU Small Finance Bank
Redwood Investment shares were disposed of at an average price of ₹638, valuing the transactions at ₹1,531.20 crore
New Delhi: Global investor Redwood Investment on Friday sold over 8% stake in AU Small Finance Bank for ₹1,531 crore, through open market transactions, PTI reported.
The block deal data available with the BSE showed that Redwood disposed of 2.40 crore shares, or 8.27% stake in the bank. The shares were disposed of at an average price of ₹638, valuing the transactions at ₹1,531.20 crore, the agency said.
Also, Ourea Holdings sold 28.79 lakh shares, amounting to 0.99% stake in the bank. The shares were offloaded at a price of ₹638 apiece by Ourea, translating into a transaction worth ₹183.70 crore, the agency added.
Among the buyers of the shares were AU Small Finance Bank’s promoter Sanjay Agarwal, SBI Mutual Fund, Nomura India Investment Fund Mother Fund, Reliance Mutual Fund and Sundaram Mutual Fund.
AU Small Finance Bank on Tuesday reported a 24% rise in net profit at₹77 crore for the first quarter of 2018-19 financial year. The bank had reported a net profit of ₹62 crore in the April-June period of 2017-18. Total income increased by 69% to ₹703.33 crore in the first quarter of 2018-19 compared to ₹415.99 crore in the same period of last year, it said in a regulatory filing.
The gross NPA stood at 2.17% as on 30 June 2018 against 2.98% by same period of 2017. Provision Coverage Ratio (PCR) was 36.8% for the June quarter.
AU Small Finance Bank settled for the day on the BSE at ₹694.60, up 7.92% from the previous close.
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