Lake District Holdings sells AAVAS Financiers shares worth Rs 666 cr

Lake District Holdings Ltd, promoter of AAVAS Financiers Ltd, on Friday sold shares worth over Rs 666 crore in the firm though an open market transaction. The bulk deal data on the BSE showed that 36,60,700 shares, representing 4.67 per cent of the total shareholding of the firm, were offloaded by Lake District Holdings.

The shares were sold at an average price of Rs 1,819.47, taking the total deal value to Rs 666.05 crore. Lake District Holdings held 34.23 per cent stake in the firm, as per the shareholding data for December 2019 quarter.

The buyers -- Kotak Funds India Midcap Fund, American Funds Insurance series Global Small Capitalization Fund and Smallcap World Fund Inc.-- picked a total of over 28 lakh shares for a total amount of more than Rs 513 crore. Out of the buyers, Smallcap World Fund Inc is a public shareholder of AAVAS Financiers and held 2.29 per cent stake in the firm, shareholding data showed.

Shares of AAVAS Financiers on Friday ended 6.02 per cent lower at Rs 1,843.4 on the BSE.

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