A block deal has been launched in Aye Finance, with Alpha Wave India I LP likely to sell a 7.8% stake in the company for up to ₹320.4 crore, according to deal details. The floor price for the transaction has been set at ₹167 per share, representing a discount of as much as 5.5% to Aye Finance's prevailing market price.
At the floor price, the proposed sale values the 7.8% stake at up to ₹320.4 crore. The transaction is a secondary share sale, meaning the proceeds will go to Alpha Wave India I LP rather than Aye Finance. The identity of potential buyers was not immediately available.
If completed in full, the transaction would mark a sizeable reduction in Alpha Wave India I LP's holding in Aye Finance. Details on any lock-up period restricting further share sales by the investor were not available in the deal terms provided. The proposed transaction comes amid a flurry of large secondary stake sales in the Indian market.
Earlier this week, promoter-group entity Welspun Investments and Commercials and Welspun Corp CEO-MD Vipul Mathur sold a combined 2.4% stake in the company for ₹1,433 crore, while Ribbit Capital launched a ₹1,914-crore block deal in Groww parent Billionbrains Garage Ventures.
Y Combinator also sold a 1.05% stake in Meesho for around ₹970 crore through a block deal on the NSE.