Hudson Equity Holdings has offloaded 1.80 crore shares of Manappuram Finance, the gold mortgage company in an open market transaction on January 04, 2013. The shares were sold at an average price of Rs 43.01 on Bombay Stock Exchange (BSE) valuing the deal at around Rs 77.42 crore. Till the end of September 2012 quarter, Hudson Equity Holdings held 7.2 crore shares constituting 8.54% stake of the company.
Besides, MS GMO Emerging Domestic Opportunities Fund has acquired 56.63 lakh shares of Manappuram Finance at an average price of Rs 43 a piece valuing the deal at around Rs 24.35 crore.
Manappuram Finance is a non-deposit taking NBFC and is mainly engaged in providing retail advances against bullion asset collaterals, in the form of household used jewellery. The company is having a strong presence in South India in states of Kerala, Tamil Nadu, Karnataka, Andhra Pradesh and had 2,908 branches across India at the end of FY 12.