AU Small Finance Bank Share Sale: Fincare Business Sells Stake Worth Rs 804 Crore
Fincare Business Services was the promoter of the erstwhile Fincare Small Finance Bank, which merged with AU Small Finance Bank.
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Fincare Business Services, a public shareholder of AU Small Finance Bank Ltd., offloaded a 1.7% stake worth Rs 803.6 crore through open market transactions on Monday.
FBS sold 1.27 crore shares at Rs 630 apiece, according to block deal data on the NSE. FBS held an 8.04% stake in the company as of June. Following the latest transaction, its stake in the company decreased to 6.32%.
DSP Mutual Fund bought 1.03 crore shares or a 1.38% stake; Morgan Stanley Asia Singapore Pte. bought 10.6 lakh shares or a 0.14% stake. Other buyers include BofA Securities Europe SA, Citigroup Global Markets Mauritius Pvt. and Societe Generale.
FBS was the promoter of the erstwhile Fincare Small Finance Bank. Last October, the boards of AU Small Finance Bank and Fincare approved an all-stock merger, making it the first-ever merger in the small finance bank space.
Shares of AU Small Finance Bank closed 1.25% higher at Rs 633.50 apiece on the BSE, compared to a 0.75% rise in the benchmark Sensex.
