KFin Tech shares declined up to 7 percent on Tuesday after promoter entity General Atlantic Singapore Fund Pte. Ltd. further trimmed its stake in the company this year. General Atlantic had previously sold 6 percent stake in Kfin Tech back in May 2024.
According to term sheet seen by Moneycontrol on May 12, General Atlantic is likely to sell 6.9 percent stake in the company via block deals. The deal was later upsized to 10 percent on April 13. The floor price was fixed at Rs 1,025 per share, a discount of 8.3 percent to Monday's closing price.
General Atlantic likely to sell 6.9% stake in KFin Tech for Rs 1,209.5 crore via block deals
At the end of the March quarter, promoters of Kfin Tech had close to 33 percent stake in the company, out of which, General Atlantic had a 31.98 percent stake.
Additionally, as many as 1.74 crore shares of the company, or 10 percent of the total outstanding, changed hands in six block trades that took place in Kfin Technologies, according to Bloomberg. The buyers and sellers of the multiple deals were not known till the time of publishing.
The company works as the registrar and transfer agents for mutual funds, PMS-AIFs and IPOs. It also provides recordkeeping services to many corporations and the National Pension System along with technology solutions to players in the financial industry.
Shares of Kfin Technologies Ltd dropped 6.97 percent to an intraday low of Rs 1,040 per share on the NSE, the most intra-day since April 30. The stock opened gap-down with a loss of 3.88 percent today. The stock has fallen after two days of consecutive gain.
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