Sequoia exits Mannapuram

BS Reporter / Chennai/ Hyderabad April 26, 2010, 0:16 IST Sequoia Capital, which invested in gold loan company Mannapuram General Finance and Leasing (MGFL), exited from it after selling shares worth $77.5 million (about Rs 344.8 crore) in the open market. The VC fund, which had earlier picked up an 11 per cent in Mannapuram, sold the shares at Rs 740 each. It had bought them for Rs 142 a share, according to MGFL chairman VP Nandakumar. MGFLhas a loan outstanding of Rs 2,550 crore.