Sunday, December 22, 2024

KFin Tech slumps 7% after block deals; General Atlantic likely seller

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KFin Tech block deal: KFin Technologies share price declined 7.3 per cent to Rs 689.25 apiece on the BSE in Thursday’s intraday trade amid multiple block deals.


Around 889,717 shares changed hands on the BSE in multiple block deals in the price range of Rs 713-716 per share. Till 10:55 AM, about 13.17 million shares had, together, changed hands on the BSE and NSE. The buyers and sellers could not be confirmed immediately.


Reports, however, said that global private equity firm General Atlantic Singapore Fund was looking to sell 4.1 per cent stake in the tech-driven financial services firm, at a likely floor price of Rs 712.5.


At the end of the March quarter, General Atlantic Singapore Fund held 38.03 per cent stake in the company. Previously, in December 2023, General Atlantic had divested a 10 per cent stake in KFin Technologies for Rs 851 crore through an open market transaction.


KFin Technologies is a leading technology driven financial services platform, providing comprehensive services and solutions to the capital markets ecosystem including asset managers and corporate issuers across asset classes in India. It provides several investor solutions including transaction origination and processing for mutual funds and private retirement schemes in Malaysia, Philippines, and Hong Kong.


KFin Tech debuted on the Indian stock market on December 29, 2022. From its issue price of Rs 366, the stock is up 103 per cent (as of Wednesday’s closing price of Rs 744). The stock hit an all-time high of Rs 821 on May 2, 2024, and an all-time low of Rs 271 on March 29, 2023.


So far in the current calendar year, KFin Tech share price has zoomed over 40 per cent as against an over 2-per cent rise in the benchmark Sensex index.


In the March quarter of FY24, KFin Tech reported a 30.6 per cent increase in profit after tax (PAT) at Rs 74.5 crore. Revenue from operations surged 25 per cent Y-o-Y to Rs 228.34 crore in the January-March quarter.


Besides, former joint managing director of Kotak Mahindra Bank, Chengalath Jayaram, has joined  KFin Technologies Limited as an Independent Director, effective May 24, 2024. 

First Published: May 30 2024 | 11:29 AM IST

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