Promoter CreditAccess India BV is likely to sell up to a 5.8 percent stake worth Rs 1,107 crore in microfinance firm CreditAccess Grameen via a block deal on Friday (June 30), sources privy to the developments told CNBC Awaaz.

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The base price for the block deal is likely to be Rs 1,230 per share, sources close to the development said. As of March 31, 2023, Dutch firm CreditAccess India BV held a 73.68 percent stake in CreditAccess Grameen.

The Bengaluru-headquartered NGO-turned microlender, which went public in 2018 with a Rs 400-crore IPO, is the largest micro-financer in terms of loan book with assets under management (AUM) of Rs 16,540 crore as of September.

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The company reported an 86.4 percent year-on-year jump in net profit at Rs 296.6 crore for the fourth quarter that ended March 31, 2023. In the corresponding quarter last year, the company posted a net profit of Rs 159 crore.

Net interest income (NII), which is the difference between the interest income a bank earns from its lending activities and the interest it pays to depositors, rose 29.7 percent year-on-year to Rs 719.8 crore against Rs 554.7 crore in the corresponding period of the preceding fiscal.

The total income increased by 29.3 percent year-on-year from Rs 824.5 crore to Rs 1,066.2 crore and pre-provision operating profit (PPOP) increased by 36.3 percent year-on-year from Rs 368.8 crore to Rs 502.9 crore. The impairment of financial instruments declined by 30.3 percent year-on-year from Rs 151.0 crore to Rs 105.3 crore.

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CreditAccess Grameen, which started off as an NGO T Muniswamappa Trust in 1999 and subsequently got converted into a micro-finance firm in 2007, employs over 15,660 people.

(Edited by : Shoma Bhattacharjee)