Nexus Venture Partners sells 5.97% stake in India Shelter Finance Corporation for Rs 482 crore

Venture capital firm Nexus Venture Partners on Monday divested a 5.97 per cent stake in India Shelter Finance Corporation for Rs 482 crore through open market transactions.

The Gurugram-based India Shelter Finance Corporation focuses on first-time home loan buyers in the low- and middle-income group in Tier-II and Tier-III cities of India.

US-based Nexus Venture Partners, through its affiliates Nexus Ventures III and Nexus Opportunity Fund II Ltd, offloaded 64 lakh shares, amounting to a 5.97 per cent stake in India Shelter Finance Corporation through two separate bulk deals on the BSE.

The shares were sold in the price range of Rs 752.35-753.27 apiece, taking the combined deal value to Rs 481.95 crore.

After the latest transaction, Nexus Ventures Partners’ shareholding in India Shelter Finance Corp through its two arms’ has come down to 15.35 per cent from 21.32 per cent.

Meanwhile, financial services company Goldman Sachs and SBI Life Insurance hiked their stakes by acquiring a combined 1.31 per cent stake in the housing finance company India Shelter Finance Corp for Rs 106.26 crore.

As per the data, Goldman Sachs picked up 7.42 lakh shares or 0.69 per cent stake in Gurugram-based India Shelter Finance Corp and SBI Life Insurance bought 6.70 lakh units or 0.62 per cent holding in the company.

The shares were acquired at an average price of Rs 752.35 per piece, taking the deal value to Rs 106.26 crore.

After the stake purchase, Goldman Sachs increased its stake in India Shelter Finance Corp to 1.78 per cent while SBI Life Insurance raised its holding to 2.56 per cent from 1.94 per cent.

Also, ICICI Prudential Life Insurance purchased 7.70 lakh shares or 0.72 per cent stake in India Shelter Finance Corp at an average price of Rs 752.35 apiece, aggregating to Rs 57.93 crore.

Details of the other buyers of India Shelter Finance Corporation’s shares could not be ascertained.

Shares of India Shelter Finance Corporation plunged 7.81 per cent to close at Rs 730 apiece on the BSE.

VC firm Nexus Venture Partners first backed India Shelter in 2012. Across fundraising rounds, Nexus built up a stake of 28.2 per cent.

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