Norwest Venture Partners divest 2.78% stake in Shriram City Union Finance

Norwest Venture Partners has offloaded 2.78% stake in Shriram City Union Finance (SCUF) for an estimated Rs 206.25 crore through an open market transaction. Norwest Venture Partners X FII-Mauritius sold 16.50 lakh shares of SCUF to Wasatch Advisors. The foreign fund house has sold the shares for an average price of Rs 1,250. As of quarter ended March 31, Norwest Venture Partners held 38.23 lakh shares of SCUF amounting to 6.45% stake in the NBFC. Shriram City Union Finance has presence in the following business segments - loan Against Gold (LAG), Small Business Finance Loans (SBF), Auto Loans, 2-Wheeler loans, Personal Loans and Consumer Durables Loans.