New World Fund Inc on Thursday offloaded over 15.09 lakh shares of Shriram Transport Finance Company at an average price of ₹978.68, according to bulk deal data available with the NSE. However, the buyer’s identity is not known.
According to the shareholding pattern available with the NSE, at the end of the June quarter, New World Fund held 1.94 per cent stake or 43.91 lakh shares in the firm. Post sale, the fund house’s stake would come down to 1.25 per cent in the company.
On Thursday, the NBFC received the first tranche of $82 million from IFC, a member of the World Bank Group. Half of the amount is from IFC’s own account, Shriram Transport Finance said.
Earlier, the company had entered into a deal whereby IFC will channel $200 million into Shriram Transport Finance to primarily fund purchases of commercial vehicles and support micro, small, and medium enterprises (MSMEs). The deal uses a unique securitisation structure to mitigate foreign exchange risks and attract patient capital from pension funds, insurance firms and foreign institutional investors.
Half of the total amount will come from IFC’s own account and the rest will be mobilised from like-minded partners, it added.
The NBFC on Wednesday reported an 11 per cent increase in net profit at ₹634.25 crore for the first quarter ended June 30 as against ₹572.9 crore reported in the corresponding period last fiscal. The net interest income increased 7.62 per cent at ₹1,961.74 crore (₹1,822.89 crore).
On the NSE, the shares of Shriram Transport Finance Company ended at ₹978, up 5.69 per cent. Intra-day, the stock touched a high of ₹1,015 and a low of ₹955.