India-focused private equity firm India Equity Partners (IEP) has begun exiting from Manappuram, an Indian non-banking financial company specializing in gold loans. IEP sold 18 million shares, equivalent to a 2.13 percent equity stake, on the National Stock Exchange of India for INR770 million (approximately US$14.2 million). The firm had originally invested nearly INR500 million (approximately US$9.2 million) in Manappuram through two financing rounds in 2007 and 2008, acquiring a total equity stake of 8.54 percent in the company.