General Atlantic Singapore likely to sell up to 6.8% stake in KFin Technologies for Rs 833 crore via block deal: Report
private equity firm General Atlantic Singapore is likely to sell up to 6.8% equity in KFin Technologies at an estimated floor price of Rs 712.5 per share, which is a 4% discount.
The total deal size, including the green shoe option, is 1.17 crore, moneycontrol.com reported, citing CNBC TV18. The base issue size is set at Rs 500 crore and can be upsized to Rs 833.3 crore, the report said citing sources.
General Atlantic is a part of the promoter group which holds stake in KFin Technologies through entities – General Atlantic Singapore Fund Pte and General Atlantic Singapore KFT Pte Ltd. While the former has a 38.03% holding in the company, the latter holds 0.94% according to shareholding data available on the BSE.
On Wednesday, KFin Tech shares closed at Rs 742.10 on the NSE, down by Rs 9.40 or 1.25% from the Tuesday closing price.
In December, General Atlantic had sold a nearly 10% stake in KFin through the open market, making a profit of Rs 851 crore. The private equity major sold 1,70,00,000 shares of the company at Rs 500.25 apiece, according to bulk deals data.
The stock, which got listed on December 29, 2022, is down from its 52-week high of Rs 822 it hit on May 2, 2024, on the NSE. The multibagger stock has witnessed a strong rally yielding returns of 125% in the last one year. In 2024, so far, it has given 53% returns.
The stock is currently trading above its 200-day and 50-day simple moving averages (SMAs) with a stable 1-year beta of 0.6 according to Trendlyne.
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