40% Dividend To Be Paid Soon; NBFC Stock Drops 5% After FPI Sells Entire Stake For Rs 1,177 Crore

Manappuram Finance dividend payment, Manappuram Finance witnessed a sharp selling in the early trade of Friday by falling nearly 5% on BSE. However, the stock has recovered some of its losses. The volatile performance in this gold loan NBFC giant comes after foreign portfolio investor Quinag Acquisition exited the company by offloading its entire stake to the tune of Rs 1,177 crore via the open market. However, Bofa Securities Europe SA raised its shareholding during the same block deal.

At the time of writing, Manappuram Finance stock traded at Rs 141.35 apiece, down by 0.63% on BSE. The stock dipped by at least 4.8% with an intraday low of Rs 135.40 apiece. Its market cap stood at Rs 11,964 crore.

On the previous day, the stock stood at Rs 142.25 apiece.

Data from BSE showed that Quinag sold 83,785,880 equity shares or 9.90% which is its entire stake in Manappuram. The transaction was at Rs 140.50 per equity share aggregated to cumulatively Rs 1177.19 crore.

On the other hand, BofA Securities Europe Sa purchased a further 6,260,002 equity shares at Rs 140.17 per share -- amounting to Rs 87.75 crore.

Apart from this, Manappuram also saw investors like Mansi Share & Stock Advisors and F3 Advisors Private Limited exchange hands.

On Thursday, in the block deal, Mansi Share carried two large deals -- selling 2,729,851 shares at Rs 142.25 apiece --- and buying 6,329,851 equity shares at Rs 140.29 apiece.

Also, F3 Advisors sold 1,190,490 equity shares at Rs 142.11 apiece and purchased 4,773,990 equity shares at Rs 140.53 apiece.

Lastly, Chartered Finance and Leasi NG bought 5,000,000 equity shares at Rs 140.30 apiece on August 23.

It needs to be noted that Manapurram has recommended Rs 0.80 per equity share as a dividend which will be rewarded to shareholders. For this dividend, the company turned ex-dividend on August 23, while the payout will be done on or before September 08, 2023. In percentage terms, the dividend payout is 40%.

In the financial year 2022-23, the company declared a total dividend of 150% or Rs 3 per share for its shareholders.

At the current market price, the company has a dividend yield of 2.14%.