The shares of this leading financial services platform provider fell by 6.5 percent to an intraday low of ₹587.05 per share on Tuesday after Kotak Mahindra Bank sold a 2.1 percent stake in the company.
At 12:15 p.m., KFin Technologies Ltd. shares were trading at ₹ 599.15 a share, a 4.63 percent decrease over the previous close price. The company has a market capitalization of ₹10,252 crore on the stock exchange.
On March 12, shares of KFin Technologies changed hands via a block deal on the exchange after around 36 lakh shares, making up a 2.1 percent stake, changed hands in a ₹ 211-crore block deal.
As per CNBC, Awaaz reported on March 11 that Kotak Mahindra was looking to offload a 2 percent stake in KFin Technologies. The deal was expected to earn Kotak Mahindra Bank ₹218 crore at a floor price that offered a maximum of a 5 percent discount compared to the previous closing price.
As of the December quarter in 2023, Kotak Mahindra Bank holds a 9.8 percent share in the company. Additionally, the promoter holds a 39.05 percent stake, while Foreign Institutional Investors hold a 12.13 percent stake.
The company has experienced a 16 percent year-on-year revenue increase, rising from ₹188 crore in Q3FY23 to ₹ 219 crore in Q3FY24. Additionally, the net profit has surged by 26 percent, growing from ₹53 crore to ₹67 crore.
KFin Technologies Limited is a leading technology-driven financial services platform. The company provides services and solutions to asset managers and corporate issuers across asset classes in India and provides several investor solutions including transaction origination and processing for mutual funds and private retirement schemes in Malaysia, the Philippines, and Hong Kong.
In December, General Atlantic, the promoter of KFin Technologies, sold a significant stake sale by divesting approximately 10% of the company’s equity, resulting in a transaction worth ₹ 851 crore.
KFin Technologies Ltd. shares have gained 32 percent in the last six months and 104 percent in a year.
The company services 25 out of 46 AMCs in India. ₹ 15.6 tn AAUM was serviced on December 23. It also won 15 out of 24 new AMCs launched in India. The company had a 33.5% equity MF AAUM market share in FY23, compared to 28.8% in FY20. The company has an overall market share of 46.5%.
Written by Omkar Chitnis
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