Five-Star Business Finance Ltd. holders will divest stake worth Rs 4,317 crore through a secondary block deal on Thursday. The issue has a lockup period of 12 months post-cross for selling shareholders.
The floor price for the deal has been set at Rs 768 per share, according to the term sheet accessed by NDTV Profit. This is at a discount of 5% to the closing price of Rs 808 apiece.
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The holders are looking to offload 5.62 crore shares, representing 19.22% of the Non-Banking Financial institution. Nomura Services India Pvt. Ltd., Kotak Mahindra Capital Company Ltd. and Motilal Oswal will be the brokers for this deal.
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On Wednesday, Goldman Sachs (Singapore) Pte.- Odi bought 5.52 lakh shares worth Rs 45.48 crore, while Duro India Opportunities Fund Pte Ltd. Fdi sold a 0.18% stake at Rs 824 per share.
The company announced in August that it would consider raising funds through securities.
The stock rose as much as 8.24% during the day to Rs 836.15 apiece on the NSE. The stock closed 4.60% higher at Rs 808 per share. This compares with a 0.25% advance in the benchmark Nifty 50. It has risen 15.76% in the last 12 months and 9.98% year-to-date.
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