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<p>Investment firm Quinag Acquisition has acquired 1.79 per cent stake in Kerala-based non-banking financial company <strong><a href="http://dealstreetasia.com/tag/Manappuram-Finance" target="_blank" rel="noopener">Manappuram Finance</a> </strong>for over Rs 143 crore ($22.3 million), through an open market transaction.</p></article>

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<p>Investment firm Quinag Acquisition has acquired 1.79 per cent stake in Kerala-based non-banking financial company <strong><a href="http://dealstreetasia.com/tag/Manappuram-Finance" target="_blank" rel="noopener">Manappuram Finance</a> </strong>for over Rs 143 crore ($22.3 million), through an open market transaction.</p>
<p>According to data on BSE, Quinag Acquisition (FPI) made a bulk purchase of 15.10 million shares at an average price of Rs 94.73 apiece on Monday. This amounts to 1.79 per cent stake in the company for around Rs 143.04 core.</p>
<p>The seller of the shares could not be ascertained immediately.</p>
<p>Incorporated in 1992, Manappuram Finance claims to have 3,747 branches currently across 28 states/UTs with assets under management (AUM) of over Rs 137 billion and a workforce of over 19,000.</p>
<p>Apart from loan against gold, the NBFC also provides commercial vehicle loan, housing finance and SME (small and medium enterprise) loan.</p>
<p>In December 2007, Sequoia Capital invested Rs 700 million together with Hudson Equity Holdings. Its second round of private equity funding in November 2008 was led by Ashmore Alchemy which, together with Sequoia and Hudson, put in another Rs.1,080 million. It also raised sizeable foreign investment during its two QIPS in 2010 when a total of Rs 12,450 million was received.</p>
<p>Its key institutional investors include <strong><a href="http://dealstreetasia.com/tag/baring-india" target="_blank" rel="noopener">Baring India Private Equity Fund,</a></strong> (which hold 8.79 per cent), WF Asian Reconnaissance Fund Ltd (3.99 per cent), Barclays Merchant Bank Singapore Ltd (3.77 per cent), and DSP Blackrock Microcap Fund (3.03 per cent).</p>
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Quinag Acquisition has acquired 1.79 per cent stake in Kerala-based non-banking financial company Manappuram Finance for over Rs143 crore ($22.3 million).

India: Quinag Acquisition picks up 1.79% stake in Manappuram Finance for $22m

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India: Quinag Acquisition picks up 1.79% stake in Manappuram Finance for $22m

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