Major Divestment in Five-Star Business Finance Attracts Big Investors
TPG, Peak XV Partners, and Norwest Venture Partners have sold a 14.24% stake in Five-Star Business Finance to investors like Goldman Sachs, Nomura, and IMF for Rs 3,336 crore. This divestment, through BSE and NSE block deals, aligns with their exit strategies and brings new investors into the firm.
- Country:
- India
In a significant financial maneuver, US-based TPG, Peak XV Partners, and Norwest Venture Partners divested a 14.24 percent stake in Five-Star Business Finance. The stake was sold to globally renowned investors, including Goldman Sachs, Nomura, Morgan Stanley, and IMF, for Rs 3,336 crore via open market transactions.
The divestiture saw TPG, through its arm TPG Asia VII SF, offloading over 2.71 crore shares across the BSE and NSE in dual tranches. Peak XV Partners and Norwest Venture Partners also sold significant shares, collectively amounting to various block deals on Thursday.
The shares were transacted at an average price of Rs 800.50 each. Following this significant move, TPG has fully exited its stake, while Peak XV Partners' holding has decreased to 4.03%. Among the new investors are prestigious organizations like Invesco Mutual Fund, HDFC MF, and Saudi Arabian Monetary Authority.
(With inputs from agencies.)
ALSO READ
South Korea's Emergency Medical Response Amid Young Doctors' Strike
Blinken's Diplomatic Mission: Strengthening U.S.-Poland Defense Ties Amid Ukraine Conflict
Delhi High Court Seeks Puja Khedkar's Response Over Perjury Allegations
Rare Amur Tiger Cubs Make Public Debut at Minnesota Zoo, Boosting Conservation Hopes
Intense Rivalries and New Beginnings: The Start of ISL 2024-25