KFin Technologies Ltd.'s promoter is likely to sell approximately a 6.9% stake through a block deal tomorrow, sources told NDTV Profit on Monday.
Foreign promoter General Atlantic Singapore Fund Pte. Ltd. is to sell up to 1.18 crore shares or a 6.9% stake worth Rs 1,210 crore. General Atlantic Singapore Fund Pte. Ltd. and its arm General Atlantic Singapore KFT Pte. Ltd. currently hold approximately 32.91% stake in the company. With General Atlantic Singapore Fund Pte. Ltd., holding a 31.98% stake.
The floor price is to be around Rs 1,025 per share, an 8.3% discount to CMP, as per sources.
The lock-in period is to be around 90 days lock-in by sellers. IIFL is the sole banker for this deal, they said.
Shares of KFin Technologies closed 4.93% higher at Rs 1,117.90 apiece on the NSE, compared to a 3.82% rise in the benchmark Nifty 50. The stock has risen by 49.01% in the last 12 months and fallen 27.28 % on a year-to-date basis.
Out of the 16 analysts tracking the company, 10 have a 'buy' rating on the stock, two recommend 'hold', and four suggest 'sell', according to Bloomberg data. The average of 12-month analysts' price targets implies a potential downside of 13.9%.
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