Shriram City Union Finance (SCUF) shareholder Norwest Venture Partners on Wednesday offloaded a 2.78 per cent stake in the non-banking financial company for an estimated Rs 206.25 crore through an open market transaction.
Norwest Venture Partners X FII-Mauritius sold 16.50 lakh shares in SCUF to Wasatch Advisors, according to the block deal information with the Bombay Stock Exchange (BSE).
SCUF shares were offloaded for an average price of Rs 1,250, valuing the transaction size at Rs 206.25 crore.
As of the quarter ended March 31, Norwest Venture Partners held 38.23 lakh shares in SCUF, amounting to a 6.45 per cent stake in the NBFC.
SCUF reported a 20.5 per cent rise in consolidated net profit at Rs 151.36 crore for the quarter ended March 31.
It had reported net profit of Rs 125.61 crore in same quarter of fiscal year 2012-13.
Recently, Piramal Enterprises had proposed to acquire a 9.99 per cent stake in SCUF for about Rs 790 crore.
SCUF offers multiple loan products to small business owners and also for acquiring assets such as two-wheelers, commercial vehicles, passenger vehicles, consumer durables and homes.
Shares in Shriram City Union Finance, on Wednesday, ended at Rs 1,240.20 apiece on the BSE, up 1.13 per cent from the previous close.
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