Alpha Wave Global Exits Aye Finance With Rs 322-Cr Block Deal

New Delhi: Alpha Wave Global has exited from Aye Finance, by divesting its entire 7.78 per cent stake in the micro-enterprise lender for Rs 322 crore through a series of block deals on the BSE.

Alpha Wave India I LP, an affiliate of the New York-based alternative asset manager, sold more than 1.91 crore shares in two tranches, representing a 7.78 per cent stake in Gurugram-based Aye Finance.

The transactions were executed on Thursday at prices ranging from Rs 168.02 to Rs 168.19 apiece, according to data on the BSE.

On the other side of the trade were a mix of domestic and foreign institutional investors, including US-based Millenium Management and veteran investor Madhusudan Kela’s Singularity AMC bought shares at the same price.

Millenium Management, through its arm Integrated Core Strategies (Asia) Pte picked up 23.80 lakh shares for Rs 40 crore, while Singularity AMC bought 14.88 lakh shares for Rs 25 crore.

Details of the other buyers of Aye Finance’s shares could not be identified from the exchange data.

Despite the block deal being executed at around Rs 168 per share, Aye Finance’s stock traded higher on the BSE, gaining 1.95 per cent to Rs 185.15 apiece on Friday.

Market experts said Alpha Wave Global’s exit comes at a time when Aye Finance has posted a sharp improvement on the earnings front.

Last month, Aye Finance reported a 144 per cent year-on-year jump in net profit to Rs 75 crore for the June quarter.

It had posted Rs 31 crore profit in the same period last year, according to a regulatory filing.

Its total income for the quarter rose 22 per cent year-on-year to Rs 490 crore, while net interest income grew 38 per cent to Rs 322 crore, it said.

(Disclaimer: Except for the headline, this article has not been edited by HDFC Sky editorial team and is auto-generated from PTI feed.)