Aditya Birla MF, Plutus Wealth pick stake in this NBFC stock via block deal

Former directors of Poonawalla Fincorp - Sanjay Chamria and Mayank Poddar - sold a marginal stake in the company through a block deal on Monday.

The sale was down at a 1% discount to Thursday’s closing price of the stock. Despite the selling, the scrip ended 3% higher at Rs 302.20 due to buying by domestic mutual funds.


Chamria sold 83,00,000 shares of the non-bank finance company, and Poddar offloaded 17,00,000 shares at Rs 290 a share.

The sale was down at a 1% discount to Thursday’s closing price of the stock. Despite the selling, the scrip ended 3% higher at Rs 302.20 due to buying by domestic mutual funds.

Chamria garnered Rs 241 crore through the sale, while Poddar accrued a gain of over Rs 49 crore.

As of March end, Chamria held a 1.39% stake in the Adar Poonawalla-run company, while Poddar owned a 2.33% stake.

Through separate deals, Aditya Birla Sun Life Mutual Fund cumulatively bought 43,73,863 shares or 0.6% stake of the company at Rs 290 a share, aggregating Rs 127 crore.

As of March end, the domestic mutual fund held a 1.3% stake in the company.

Plutus Wealth Management bought 50,00,000 shares or 0.6% stake for Rs 145 crore. Before this purchase, the wealth management firm did not hold any stake in the NBFC major.

Over the last 1 year, shares of Poonawalla Fincorp gave 9% negative returns, but in the last 3 years, the stock has skyrocketed 1,667%.

According to the provisional numbers released by the company earlier this month, its disbursements in the March quarter were the highest ever at Rs 6,370 crore. The disbursements surged 151% on year and 89% sequentially.

Its assets under management (AUM) stood at Rs 16,120 crore as of March end, up 37% on year and 16% sequentially. The company had ample liquidity of Rs 3,000 crore at the end of the March quarter.

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