Goldman Sachs Doubles Down on Aye Finance Despite Muted Debut; BofA Picks up Stake in EIL in Rs 100 Crore Bulk Deal

Why It Matters

The purchases signal strong confidence from global banks in India’s micro‑finance growth and the upside potential of public‑sector engineering firms, potentially spurring further foreign capital inflows.

Key Takeaways

• Goldman bought 16.8 lakh Aye shares for Rs 22 cr
• Total Goldman exposure to Aye now Rs 91 crore
• Aye IPO subscribed 97%, retail quota 77%
• BofA bought 46 lakh EIL shares at 8% premium
• EIL stock jumped 14.3% after bulk deal

Pulse Analysis

Goldman Sachs’ decision to double its exposure to Aye Finance, buying an additional 16.8 lakh shares for roughly Rs 22 crore, signals strong institutional confidence in India’s micro‑finance niche despite the company’s muted IPO debut. The NBFC’s IPO was 97 % subscribed, with retail investors accounting for 77 % of the allocation, indicating robust demand for small‑business lending platforms. By aggregating a total investment of about Rs 91 crore, Goldman positions itself to benefit from Aye’s growing customer base of 5.86 lakh MSMEs across 18 states, a segment that remains under‑banked yet essential for economic growth.

BofA Securities Europe’s purchase of nearly 46 lakh Engineers India Ltd (EIL) shares at an 8 % premium—Rs 217.06 per share—underscores renewed appetite for public‑sector engineering consultancies. The bulk deal propelled EIL’s closing price to Rs 230.51, a 14.3 % intraday gain, and adds to the stock’s impressive 41 % one‑year return and near‑200 % three‑year appreciation. The premium reflects expectations of continued infrastructure spending, especially in energy and transportation, where EIL’s technology‑licensing capabilities are in demand. Institutional backing also helps stabilize the PSU’s valuation amid broader market volatility.

Both transactions illustrate how foreign banks are leveraging bulk‑deal mechanisms to secure strategic positions in high‑growth Indian assets. For Goldman, the move deepens exposure to a fintech‑driven credit market that could benefit from policy pushes toward financial inclusion. For BofA, the EIL stake offers a foothold in a sector poised for a resurgence as the government accelerates capital‑intensive projects. These deals may encourage other global investors to explore similar opportunities, potentially increasing liquidity and price discovery for Indian equities. However, investors should monitor regulatory changes and macroeconomic trends that could affect NBFC credit risk and PSU project pipelines.

Goldman Sachs doubles down on Aye Finance despite muted debut; BofA picks up stake in EIL in Rs 100 crore bulk deal

By Shivendra Kumar · Last Updated: Feb 16 2026, 08:49 PM IST

Goldman Sachs increased exposure to Aye Finance post‑listing, while BofA Securities picked up a significant stake in Engineers India, driving strong gains in the PSU stock.

Goldman Sachs purchased over 16.8 lakh shares of Aye Finance on Monday through a bulk deal valued at Rs 22 crore. Earlier, during the February 6 anchor allotment, it acquired 53.48 lakh shares in the NBFC for Rs 69 crore. In a separate transaction, BofA Securities bought nearly 46 lakh shares of PSU major Engineers India Ltd (EIL) for around Rs 100 crore.

Aye Finance bulk deal

Goldman Sachs bought these shares via its Goldman Sachs Funds Goldman Sachs India Equity Portfolio.

Aye Finance made a lackluster market debut, trading flat against the issue price of Rs 129 per share. The stock closed at Rs 128.80, sliding 0.16 % from the issue price.

Incorporated in 1993, Aye Finance is a non‑banking financial company (NBFC) that provides secured and unsecured small‑business loans to micro‑scale MSMEs, primarily for working‑capital needs. The company currently serves over 5.86 lakh active customers across 18 states and three Union Territories.

The issue was launched on February 9 and ended on February 11. It was subscribed 97 % (4,42,21,288 share bids against 4,55,32,785 shares offered). The retail quota was booked 77 %, while non‑institutional investors subscribed just 5 % of their allotted shares. Qualified Institutional Buyers (QIBs) subscribed 1.5 times.

Also read: Morgan Stanley, Goldman Sachs pick multibagger Ather Energy via block deals; NIIF sells Rs 233 cr stake.

EIL bulk deal

Engineers India Ltd, a leading Indian public‑sector engineering consultancy and technology‑licensing company, had a buyer in BofA Securities Europe SA. The shares were bought at Rs 217.06 each, an 8 % premium over the Friday closing price of Rs 201.67.

EIL shares closed the session at Rs 230.51, gaining Rs 28.84 or 14.30 % from the previous close.

The stock has been a market outperformer with 41 % returns over a 1‑year period. Over the past three years, its price has jumped nearly 200 %.

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