28 August 2024
On Monday, Fincare Business Services sold a 1.7% stake in AU Small Finance Bank (AU SFB) for ₹803 crore through an open market transaction. The shares were bought by investors such as DSP Mutual Fund, Morgan Stanley, and Societe Generale. Previously, Fincare was the promoter of Fincare Small Finance Bank, which merged with AU SFB in an all-stock merger approved in October last year, marking the first such merger in the small finance bank sector.
Data from the National Stock Exchange (NSE) shows that Fincare offloaded over 1.27 crore shares of AU SFB at an average price of ₹630 each, reducing its stake from 8.04% to 6.32%. Following this sale, AU SFB shares rose by 1.15%, closing at ₹633 per share on the NSE. Recently, AU SFB reported a 30% increase in net profit to ₹502 crores for the June quarter, compared to ₹387 crores in the same period last year, with total income rising to ₹4,315 crores from ₹2,773 crores.
On Monday, Fincare Business Services sold a 1.7% stake in AU Small Finance Bank (AU SFB) for ₹803 crore through an open market transaction. The shares were bought by investors such as DSP Mutual Fund, Morgan Stanley, and Societe Generale. Previously, Fincare was the promoter of Fincare Small Finance Bank, which merged with AU SFB in an all-stock merger approved in October last year, marking the first such merger in the small finance bank sector.
Data from the National Stock Exchange (NSE) shows that Fincare offloaded over 1.27 crore shares of AU SFB at an average price of ₹630 each, reducing its stake from 8.04% to 6.32%. Following this sale, AU SFB shares rose by 1.15%, closing at ₹633 per share on the NSE. Recently, AU SFB reported a 30% increase in net profit to ₹502 crores for the June quarter, compared to ₹387 crores in the same period last year, with total income rising to ₹4,315 crores from ₹2,773 crores.
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