Baring increases its stake in Manappuram Finance to 5.94%

According to a statement filed with the Bombay Stock Exchange, Baring India has raised its holding from 4.99% to 5.94%. The majority of the stake - 4.46% - is held by Baring India Private Equity Fund III, with the remainder owned by Fund II. The transaction took place through the open market.

Baring previously increased its investment in Manappuram in March, teaming up with Sequoia Capital India to commit INR1.3 billion ($29 million). The two investors reportedly acquired 4.3% of the stake held by the listed company's promoter and chairman, V.P. Nandakumar, thus reducing the latter's shareholding to 32%.

At that time, it was said that Baring India and Sequoia held respective stakes of 2.65% and 3.71%, while Bric II Mauritius Trading, an arm of Siguler Guff - and one of Baring's LPs - owned shares worth INR200 million.

Manappuram was established in 1992 and uses gold held by Indian families as collateral for loans, as well as offering insurance and foreign exchange services. It has over 2,500 branches across 22 states with assets under management exceeding INR100 billion.

The company's stock closed at INR27.2 on Monday, up 10.7% from the previous trading day.

 

• Tweet  
• Facebook  
• LinkedIn  
• Google plus  
• Save this article  
• Send to  

• Topics
• South Asia
• PIPEs
• Financials
• India
• Baring Private Equity Partners India
• Financial Services
• Sequoia Capital