Nexus Venture sells stake in Shelter Finance for Rs 4.82 Bn

19 Sep 2024 CW Team

Venture capital firm Nexus Venture Partners announced on Monday that it has divested a 5.97% stake in India Shelter Finance Corporation for Rs 4.82 billion through open market transactions. India Shelter Finance Corporation, based in Gurugram, focuses on first-time home loan buyers in the low- and middle-income groups in Tier-II and Tier-III cities across India.

Nexus Venture Partners, through its affiliates Nexus Ventures III and Nexus Opportunity Fund II Ltd, offloaded 64 lakh shares, representing a 5.97% stake in India Shelter Finance Corporation, via two separate bulk deals on the BSE. The shares were sold at prices ranging from Rs 752.35 to Rs 753.27 each, bringing the total deal value to Rs 4.81 billion.

Following this transaction, Nexus Venture Partners' shareholding in India Shelter Finance Corporation has decreased from 21.32% to 15.35%. Meanwhile, financial services company Goldman Sachs and SBI Life Insurance increased their stakes by acquiring a combined 1.31% stake in India Shelter Finance Corporation for Rs 1.06 billion.

According to the data, Goldman Sachs acquired 7.42 lakh shares, or a 0.69% stake, in India Shelter Finance Corporation, while SBI Life Insurance purchased 6.70 lakh units, representing a 0.62% holding in the company. The shares were acquired at an average price of Rs 752.35 each, resulting in a total deal value of Rs 1.06 billion.

After the stake purchases, Goldman Sachs raised its ownership in India Shelter Finance Corporation to 1.78%, while SBI Life Insurance increased its holding to 2.56%, up from 1.94%.

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