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Manappuram Finance denies report on stake sale by controlling shareholder

Manappuram Finance Ltd. denied a media report that its controlling shareholder V.P. Nandakumar is looking to sell its stake in the company.

In a filing, the company dubbed a report telecast by ET NOW TV channel as "speculative in nature," adding that there is no truth in the report. The Dec. 21 report said HDFC Bank Ltd., Edelweiss Financial Services Ltd. and IDFC Bank Ltd. are in the fray to acquire the company.

The promoter and promoter group, or the controlling shareholder, held a 34.45% stake in Manappuram Finance as of September, according to stock exchange data.