On September 1, GQG Partners, an asset management firm headquartered in Fort Lauderdale, acquired a 2.6 percent equity stake in IDFC First Bank, a private sector financial institution, through open market transactions.
Rajiv Jain's GQG Partners secured this stake in the bank using two funds. The GQG Partners Emerging Markets Equity Fund purchased 6.38 crore equity shares, while the Goldman Sachs Trust II-Goldman Sachs GQG Partners International Opportunities Fund bought 10.77 crore shares, based on bulk deals data from the BSE.
These shares, constituting 2.6 percent of the total paid-up equity of the private lender, were acquired at an average price of Rs 89 per share, resulting in a total investment of Rs 1,527.26 crore.
In the same transaction, Cloverdell Investment, owned by the global private equity firm Warburg Pincus, divested 27.87 crore shares, equivalent to a 4.2 percent shareholding in the bank, at the same average price. The stake sale by Cloverdell amounted to Rs 2,480.34 crore.
As of June 2023, Cloverdell held a 7.12 percent stake, representing 47.17 crore shares, in IDFC First Bank. Despite the stock settling with a modest 0.11 percent gain at Rs 93.44 on the BSE on Friday, it has exhibited an upward trajectory, posting gains in 18 out of the last 20 weeks and achieving a remarkable 73 percent increase during that period.
In a separate development, Five-Star Business Finance attracted attention on Friday as its stock declined by 5.89 percent to Rs 727.80 following a significant stake sale by foreign investors.
Foreign investors, including Norwest Venture Partners X - Mauritius, Matrix Partners India Investment Holdings II LLC, and TPG Asia VII SF Pte Ltd, collectively divested 2.55 crore shares, equivalent to 8.75 percent of the total paid-up equity, of the mortgage lender. The stake sale amounted to Rs 1,862.86 crore.
HDFC Mutual Fund was among the buyers of these shares, with HTCL - HDFC Mid - Cap Opportunities Fund acquiring 41.19 lakh shares in Five-Star Business at an average price of Rs 730 per share, totaling Rs 300.7 crore.
Rajiv Jain's GQG Partners secured this stake in the bank using two funds. The GQG Partners Emerging Markets Equity Fund purchased 6.38 crore equity shares, while the Goldman Sachs Trust II-Goldman Sachs GQG Partners International Opportunities Fund bought 10.77 crore shares, based on bulk deals data from the BSE.
These shares, constituting 2.6 percent of the total paid-up equity of the private lender, were acquired at an average price of Rs 89 per share, resulting in a total investment of Rs 1,527.26 crore.
In the same transaction, Cloverdell Investment, owned by the global private equity firm Warburg Pincus, divested 27.87 crore shares, equivalent to a 4.2 percent shareholding in the bank, at the same average price. The stake sale by Cloverdell amounted to Rs 2,480.34 crore.
As of June 2023, Cloverdell held a 7.12 percent stake, representing 47.17 crore shares, in IDFC First Bank. Despite the stock settling with a modest 0.11 percent gain at Rs 93.44 on the BSE on Friday, it has exhibited an upward trajectory, posting gains in 18 out of the last 20 weeks and achieving a remarkable 73 percent increase during that period.
In a separate development, Five-Star Business Finance attracted attention on Friday as its stock declined by 5.89 percent to Rs 727.80 following a significant stake sale by foreign investors.
Foreign investors, including Norwest Venture Partners X - Mauritius, Matrix Partners India Investment Holdings II LLC, and TPG Asia VII SF Pte Ltd, collectively divested 2.55 crore shares, equivalent to 8.75 percent of the total paid-up equity, of the mortgage lender. The stake sale amounted to Rs 1,862.86 crore.
HDFC Mutual Fund was among the buyers of these shares, with HTCL - HDFC Mid - Cap Opportunities Fund acquiring 41.19 lakh shares in Five-Star Business at an average price of Rs 730 per share, totaling Rs 300.7 crore.
