Alpha Wave Global has successfully completed the sale of its entire 7.78% stake in Aye Finance through multiple block deals on Thursday. According to latest exchange data, Alpha Wave sold more than 1.91 crore shares in two separate transactions at ₹168.02 and ₹168.19 per share respectively, representing nearly 1.92 crore shares. The combined gross transaction value exceeded ₹322 crore, marking the completion of the proposed block deal that was executed on Thursday. Alpha Wave India I LP, an affiliate of the New York-based alternative asset manager, was the seller in this transaction.
The transaction saw significant participation from institutional investors, with Millenium Management acquiring 23.80 lakh shares for ₹40 crore through its arm Integrated Core Strategies (Asia) Pte, while Singularity AMC purchased 14.88 lakh shares for ₹25 crore. Additionally, Madhusudan Kela's Singularity AMC bought shares at the same price. This represents a discount of up to 5.5% to the company's prevailing market price, with the floor price initially set at ₹167 per share. The identity of other buyers could not be identified from the exchange data.
Market experts suggest that Alpha Wave Global's exit comes at a time when Aye Finance has posted sharp improvement on the earnings front. Last month, Aye Finance reported a 144% year-on-year jump in net profit to ₹75 crore for the June quarter, compared to ₹31 crore profit in the same period last year. The company's total income for the quarter rose 22% year-on-year to ₹490 crore, while net interest income grew 38% to ₹322 crore. This strong financial performance likely made the company an attractive target for institutional investors seeking exposure to a profitable micro-enterprise lender.
Despite the block deal execution at around ₹168 per share, Aye Finance shares traded higher on the BSE, gaining 1.95% to ₹185.15 on Friday. The stock has demonstrated robust performance with over 6% gains in the last month and more than 37% growth since the beginning of this year, indicating strong investor sentiment despite the major institutional exit. The transaction occurs amid a flurry of large secondary stake sales in the Indian market, with earlier significant deals including promoter-group entity Welspun Investments selling a combined 2.4% stake for ₹1,433 crore and Ribbit Capital launching a ₹1,914-crore block deal in Groww parent Billionbrains Garage Ventures.
