India's CreditAccess Grameen falls on major shareholder stake sale report

CreditAccess Grameen

30/06/2023 06:20

** Shares of CreditAccess Grameen  CRDE.NS  fall as much as
6.1% to 1,244.95 rupees, its steepest intraday pct decline since
Oct. 17
    ** Co's main shareholder CreditAccess India BV may sell up
to a 5.8% stake worth 11.07 bln rupees ($135 mln) via block
deal, CNBC Awaaz reported on Thursday, citing sources
    ** Report adds that base price for block deal likely to be
1,230 rupees per share, a 7.8% discount to Wednesday's closing
level; India's markets were shut for Eid holiday on Thursday
    ** Almost 11.7 mln shares change hands as of 10:35 am IST,
45.1X the 30-day moving average
    ** Thirteen analysts rate the stock "buy" or "strong buy",
one "hold"; median PT is 1,375 rupees - Refinitiv data
    ** Stock up ~45% this year, as of last close
    
($1 = 82.0400 Indian rupees)

 (Reporting by Varun Vyas in Bengaluru)
 ((varunvyas.hebbalalu@thomsonreuters.com))