As per data available, as many as 2.23 crore shares of the company, amounting to 13.84% of the company’s outstanding equity, changed hands in the block deal.
Shares changed hands at an average price of ₹197 per share, taking the total transaction value to ₹440 crore. Buyers and sellers the transaction are not known.
Northern Arc Capital has no promoter shareholding.
Among the public shareholders, Quant MF is the only domestic institution with a stake in the company, at 1.21%. Alternate Investment Funds led by 360 ONE, have a stake close to 19% in Northern Arc, at the end of the March quarter.
Sumitomo Mitsui Banking Corporation, which recently acquired a stake in Yes Bank, has a 3.77% stake in the company.
Foreign Companies own 49% stake in Northern Arc, which include International Finance Corporation (IFC, 6.08%), Augusta Investments II (16.04%), Accion Africa-Asia Investment Company (3.99%), Leapfrog Financial Inclusion (II) India Ltd. (16.18%) and Eight Road Investments (7.35%).
Shares of Northern Arc are recovering from opening lows, currently trading 4.7% lower at ₹203.77. The stock trades well below its IPO price of ₹263 and has nearly halved from its post-listing high of ₹350.
