March 15, 2012 / 20:03 IST
Manappuram Finance's founder on Wednesday sold about 4% stake to three large private equity funds, including Baring Private Equity and Sequoia, for about USD 28.9 million, exchange data showed.
The company's chairman VP Nandakumar sold 36.1 million shares, or 4.3%, of the company's equity at Rs 40 a share, data from National Stock Exchange showed.
Nandakumar held 30.6% stake in the company as on Dec 31, data showed.
Baring Private Equity Partners, Nambe Investment Holdings, an arm of Sequoia Capital and Bric II Mauritius Trading bought the shares, according to the data.
Earlier in the day, the company said in a statement that its chairman will sell 4% stake to some institutional investors.
Shares of Manappuram closed 4.18% higher at Rs 46.10.
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