As Manappuram's promoter looks to sell stake, stock rises 2%

Gold loan firm Manappuram Finance saw buying momentum on Thursday as the stock rose nearly 2 percent intraday.

The company’s promoter was looking to sell stake in the firm, which will be triggering an open offer in the firm, sources told CNBC-TV18.

The promoter VP Nandakumar holds 28.2 percent stake in Manappuram Finance. Additionally, some institutions have shown interest in buying the stake in the firm.

Nandakumar, however, denied that he was looking to sell stake in the company.

The stock has risen over 35 percent in the past three months, with its 3-day gain seen at 3 percent. At 12:42 hrs, Manappuram Finance was quoting at Rs 93.05, down Rs 0.20, or 0.21 percent on the BSE. It touched an intraday high of Rs 95.00 and an intraday low of Rs 91.75.