MUMBAI, March 14 (Reuters) - India’s Manappuram Finance Ltd’s founder on Wednesday sold about 4 percent stake to three large private equity funds, including Baring Private Equity and Sequoia, for about $28.9 million, exchange data showed.
The company’s chairman VP Nandakumar sold 36.1 million shares, or 4.3 percent, of the company’s equity at 40 rupees a share, data from National Stock Exchange showed.
Nandakumar held 30.6 percent stake in the company as on Dec 31, data showed.
Baring Private Equity Partners, Nambe Investment Holdings, an arm of Sequoia Capital and Bric II Mauritius Trading bought the shares, according to the data.
Earlier in the day, the company said in a statement that its chairman will sell 4 percent stake to some institutional investors..
Shares of Manappuram closed 4.18 percent higher at 46.10 rupees. (Reporting by Indulal PM; Additional reporting by Abhishek Vishnoi; Editing by Subhadip Sircar)