NEW DELHI: Foreign portfolio investors (FPIs) have sharply reduced their stake in SAIF Partners-backed Manpasand Beverages to 13.35 per cent in the June quarter with entities such as Nomura and Parvest Equity India exiting the company.
FPIs held 21.56 per cent stake in Manpasand at the end of the previous quarter — March 31.
Nomura Group and Parvest Equity India have exit the Vadodara-based fruit juice maker company.
As per the latest BSE shareholding data for June quarter, while Nomura held 4.86 per cent stake inManpasand through various funds, Parvest Equity held 1.07 per cent stake, as on March 31, 2018.
Last month, shares of Manpasand plunged over 60 per cent in a week's time after its statutory auditor Deloitte Haskins & Sells resigned ahead of May 30 board meeting for consideration of financial results.
Nomura Group held shares in Manpasand through Nomura India Investment Mother Fund (2.43 per cent), Nomura Trust and Banking (1.38 per cent) and Nomura Funds Ireland Public Ltd Co (1.05 per cent).
Another FPI Baron, Emerging Markets Fund, has reduced its exposure to Manpasand to 3.62 per cent from 4.97 per cent at the end of March quarter.
However, Citibank NA, which did not figure in the shareholders list earlier, now holds 1.14 per cent stake in the company.
Venture capital investor SAIF Partners, the largest public shareholder in Manpasand continues to hold 17.57 per cent stake in the company.
Mutual funds' shareholding in the company is at 10.83 per cent as on June 30 as against 11.60 per cent earlier.
On May 28, shares of Manpasand had plunged 20 per cent after its statutory auditor resigned ahead of the May 30 board meeting.
Then the firm had assured its investors saying that it was just a minor hiccup and does not represent any long-term business impact.
In 2017-18, Manpasand had a revenue of Rs 955.18 crore and owns brands such as MangoSip, Fruits Up, Manpasand ORS, and Pure Sip.
In December 2017, Manpasand had got regulatory approval from the Reserve Bank of India to raise FPI holding in the company up to 49 per cent against 24 per cent limit earlier.
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