Norwest Venture sells 2.78% stake in Shriram City Union

Tags: Companies
Shriram City Union Finance (SCUF) shareholder Norwest Venture Partners today offloaded 2.78 per cent stake in the NBFC for an estimated Rs 206.25 crore through an open market transaction.

Norwest Venture Partners X FII-Mauritius sold 16.50 lakh shares of SCUF to Wasatch Advisors, according to the block deal information with the BSE.

Shares of SCUF were offloaded for an average price of Rs 1,250, valuing the transaction size to Rs 206.25 crore.

As of quarter ended March 31, Norwest Venture Partners held 38.23 lakh shares of SCUF amounting to 6.45 per cent stake in the NBFC.

SCUF reported 20.5 per cent rise in consolidated net profit at Rs 151.36 crore for the quarter ended March 31.

It had reported net profit of Rs 125.61 crore in same quarter of 2012-13 fiscal.

Recently, Piramal Enterprises had proposed to acquire 9.99 per cent stake in SCUF for about Rs 790 crore.

SCUF offers multiple loan products to small business owners and also for acquiring assets such as two-wheelers, commercial vehicles, passenger vehicles, consumer durables and homes.

Shares of Shriram City Union Finance rose 1.13 per cent to settle the day at Rs 1,240.20 apiece, on the BSE.

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