General Atlantic Makes Rs 1,462 Crore From KFin Technologies Stake Sale
Approximately 20% of KFin Technologies' shares were sold on Friday for an aggregate deal value of Rs 1,716.52 crore.
General Atlantic Service Co. has made a profit of Rs 1,462 crore by selling 20% of its stake in KFin Technologies Ltd.
Shares of KFin Technologies slipped as much as 9.2% after approximately 20% of its stake, or 3.4 crore shares, changed hands in two large trades on Friday. General Atlantic, the promoter and largest shareholder of KFin Technologies, held a 49.12% stake in the company before the block trade.
About 1.77 crore shares of KFin Technologies were traded at Rs 500 apiece in the first large trade, and then 1.66 crore shares were traded at Rs 500 per share, according to Bloomberg data. The aggregate deal value stood at Rs 1,716.52 crore.
General Atlantic's average cost of acquisition for the shares of the company was Rs 74.06 per share.
KFin Technologies stock closed 4.29% lower on Friday. The company, which listed on the bourses last year on Dec. 29, has gained 39% against its issue price of Rs 366 per share.
The stock price hit its record high of Rs 563.70 apiece on Nov. 17, while its historical low was on March 20, when it slumped to Rs 272 per share.
The company witnessed its biggest single-day drop on Sept. 12, when it fell as much as 10.76%.
