The International Finance Corporation (IFC) has sold 29.57 lakh shares or 2.06 per cent stake in Cholamandalam Investment and Finance Co Ltd for about Rs.121.27 crore.
According to the bulk deal data on the National Stock Exchange, IFC, the World Bank’s private sector financing arm, sold the stake for Rs 410 a share, which aggregates to Rs 121.27 crore. The stake was picked up by Cornalina Acquisition (FII) Ltd.
According to shareholding data as of June 2014, IFC had a 6.19 per cent stake in the Chennai-based company. In April 2010, IFC invested Rs 100 crore and picked up fresh shares at Rs 92 a share in Cholamandalam Investment, part of Murugappa Group. In March this year, IFC had sold 2 per cent stake for Rs 84.88 crore in Cholamandalam.
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