A block deal causes KFin Technologies' shares to drop 9%

18 Dec 2023 , 10:50 AM

In trading session on December 15, shares of KFin Technologies fell more than 9% following the exchange of shares in a block deal valued at Rs 1,650 crore.

Approximately 3.3 crore shares, or 20% of the company’s stock, reportedly changed hands at a floor price of Rs 500 per, according to media sources. The floor price is 6% less than its closing price of Rs 532.25, which was yesterday. According to the reports, the potential seller is the international private equity group General Atlantic.

But since the stock’s Rs 369 BSE listing price, it has increased by more than 44%. The date of its bourse listing was December 29, 2022. Its gains from its Rs 366 IPO price have been more than 45%.

Although the stock has dropped more than 4% in December thus far, it had increased by more than 17% in November. In addition, it generated profits for six months in a row, from April to September, rising by 67.5%. But it was negative in the first three months of the year and in October (down 3.7%).

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