Former WB Chief’s Fund Sells 113 crore shares in Chennai Home Fin Co
Ex World Bank’s President James Wolfensohn’s private investment fund has sold 5.57% of Chennai oriented home financing company Repco Home Finance for about Rs 112.59 crore in an open market deal.
A Wolfensohn Capital Partners fund sold 34, 64,000 equity shares for Rs 325 per share. AS per the shareholding pattern available on the stock exchanges the fund had 61, 92,100 shares.
The fund has purchased the shares from private equity giant Carlyle in value of Rs 700-800 crore.
The fund had purchased shares at Rs 156-157 per share in January which manages the assets of value $157 billion globally and has 49.7 percent share in Repco. The PE firm had invested Rs 108 crore between 2007 and 2008 in the housing finance firm. At present Carlyle owns nearly 14.45 percent of Repco Home Finance.
The Jupiter PAF Investments had purchased 12, 00,000 shares and ICICI Prudential Tax plan has purchased 3, 99,036 shares while ICICI Prudential Mutual Fund purchased 8, 84,250 shares in Repco Home Finance at Rs325 per share.
A current report by ICICI Securities on the home finance company shows that that mortgage lending in India remains one of the famous bets in terms of property quality risk in an unpredicted economic condition.
Source: The Times of India.
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