TA Associates Sells 8% Stake in Prudent Corp for Rs 414 Cr

New Delhi, Feb 13 (PTI) Private equity firm TA Associates on Tuesday divested an 8 per cent stake in Prudent Corporate Advisory Services for Rs 414 crore through an open market transaction.

TA Associates through its arm TA FDI Investors Ltd offloaded shares of Prudent Corporate Advisory Services on the National Stock Exchange (NSE).

According to the bulk deal data available with the NSE, TA FDI Investors offloaded 33,12,534 shares, representing an 8 per cent stake in Prudent Corporate Advisory Services.

The shares were disposed of at an average price of Rs 1,250.04 apiece, taking the transaction value to Rs 414.08 crore.

After the latest transaction, TA Associates' shareholding has declined to 7.04 per cent stake from 15.04 per cent stake.

Meanwhile, Zulia Investments Pte Ltd acquired more than 32.51 lakh shares, amounting to a 7.85 per cent stake in Prudent Corporate Advisory Services at an average price of Rs 1,250 per piece.

This took the deal value to Rs 406.49 crore.

On Tuesday, shares of Prudent Corporate Advisory Services plunged 3.03 per cent to close at Rs 1,254 apiece on the NSE.

In July 2018, US-based private equity firm TA Associates acquired a stake in Ahmedabad-based diversified financial services group Prudent Corporate Advisory Services.