Alpha Wave India Sells 7.8% Aye Finance Stake for Rs 320.4 Cr
By Business Desk
Alpha Wave India plans to sell up to 7.8% of Aye Finance for Rs 320.4 crore via a block deal, offering shares at a 5.5% discount to the previous closing price.
Alpha Wave India is poised to sell a substantial stake in Aye Finance, with a block deal anticipated to offload up to 7.8% of the non-banking financial company. This transaction is valued at approximately Rs 320.4 crore, signaling a key movement in the financial markets, sources informed NDTV Profit.
The proposed deal involves the sale of around 19.2 million shares, set to be executed at a price of Rs 167 per share. This execution price represents a 5.5% discount when compared to Aye Finance’s previous closing price, a common mechanism in large institutional stake sales.
Key Transaction Details
- Seller: Alpha Wave India
- Target Company: Aye Finance
- Maximum Stake Sale: 7.8%
- Total Deal Value: Approximately Rs 320.4 crore
- Shares on Offer: Approximately 19.2 million
- Execution Price per Share: Rs 167
- Discount to Last Close: 5.5%
- Transaction Broker: IIFL Capital
Such block deals enable large shareholders to exit positions efficiently without causing significant price volatility through open market sales. The 5.5% discount is typically offered to attract institutional buyers for such a substantial volume of shares.
IIFL Capital has been identified as the broker facilitating this proposed transaction, managing the logistics of the large-volume share transfer. This role underscores their involvement in major institutional dealings within the Indian market.
This development highlights ongoing activity in the private equity and financial services sectors, as investors adjust portfolios. The market will closely monitor the completion of this block deal and its potential impact on Aye Finance’s share performance.