Alpha Wave Global Exits Aye Finance With ₹322-Crore Block Deal on BSE

Alternative asset manager Alpha Wave Global has fully exited Gurugram-based micro-enterprise lender Aye Finance by selling its 7.78% stake for ₹322 crore through block deals on the BSE. The shares were acquired by a mix of domestic and foreign institutional investors, including Millennium Management and Singularity AMC.

GURUGRAM — Alternative asset manager Alpha Wave Global has fully exited Gurugram-based micro-enterprise lender Aye Finance by divesting its entire 7.78 per cent stake for ₹322 crore. The transaction was executed through a series of block deals on the Bombay Stock Exchange (BSE).

Alpha Wave India I LP, an affiliate of the New York-based asset manager, sold more than 1.91 crore shares across two tranches. The trades were executed on Thursday at prices ranging between ₹168.02 and ₹168.19 per share, according to exchange data.

A mix of domestic and foreign institutional investors participated in the purchase at the same price point. US-based Millennium Management, operating through its arm Integrated Core Strategies (Asia) Pte, acquired 23.80 lakh shares amounting to ₹40 crore. Meanwhile, veteran investor Madhusudan Kela's Singularity AMC bought 14.88 lakh shares for ₹25 crore. Specific details regarding the buyers for the remaining portion of the shares could not be identified from the available exchange data.

Despite the block deals being executed at approximately ₹168 per share, Aye Finance's stock traded higher on the BSE following the transaction. The stock gained 1.95 per cent to close at ₹185.15 apiece on Friday.

Market observers noted that the exit by Alpha Wave Global coincides with a period of strong financial performance for the micro-enterprise lender. Last month, Aye Finance reported a 144 per cent year-on-year jump in its net profit, reaching ₹75 crore for the June quarter, compared to a net profit of ₹31 crore in the corresponding period of the previous year.

The company's regulatory filings indicate continued financial expansion during the quarter. Total income rose by 22 per cent year-on-year to ₹490 crore, while net interest income grew by 38 per cent to reach ₹322 crore.

"The complete exit of Alpha Wave Global from Aye Finance via a ₹322-crore block deal highlights the active secondary market dynamics in India's lending sector. Institutional participation from entities like Millennium Management and Singularity AMC indicates sustained investor interest, particularly as Aye Finance demonstrates robust financial growth with a notable rise in net profit and net interest income for the recent quarter." — Dr. Shishir Gupta, Founder & CEO, StartupLanes