Bank of Maharashtra OFS subscribed 3x; Bajaj Finance sells 2% stake in BHFL

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The offer-for-sale (OFS) in Bank of Maharashtra (BoM) saw three times demand than the shares on offer. According to data provided by the BSE, the share sale garnered bids for 1.41 billion shares as against 461.5 million put on the block by the government. Most of the bids came at around ₹55.5 per share as against the floor price of ₹54. Given the oversubscription, the government has exercised the green shoe option in full, taking the total divestment to 6 per cent of BoM’s paid-up capital, an official statement said. This will ensure that BoM achieves the Minimum Public Shareholding (MPS) norms, it said. Shares of Bank of Maharashtra ended at ₹57.61, down 0.1 per cent. Through the OFS, the centre was looking to divest 6 per cent stake in the state-owned lender. The government held 79.6 per cent stake ahead of the stake sale. Through the OFS, the government will be able to mop up around ₹2,500 crore.

 

Bajaj Finance sells 2% stake in BHFL 

Promoter Bajaj Finance on Tuesday divested 2 per cent stake in Bajaj Housing Finance (BHFL). It sold 166.6 million shares at ₹95.31 apiece to mop up ₹1,588 crore. Shares of BHFL fell 7.2 per cent to end at ₹97. Ahead of the share sale, Bajaj Finance held 88.7 per cent stake in BHFL. 

Union MF launches consumption fund 

Union Mutual Fund (MF) on Monday announced the launch of a consumption fund, which will invest in a wide gamut of companies expected to benefit from the growing consumption and premiumisation. The offering, according to Madhu Nair, CEO of Union AMC, will take a ‘forward looking’ approach and will significantly deviate from the index which is dominated by traditional companies. The scheme will have higher exposure to new-age firms and hence will have a comparatively higher tilt towards midcap and smallcap stocks. “The scheme aims to provide diversified exposure from mass markets to aspirational categories,” the fund house said.

 

Abakkus MF to mark entry with flexicap fund 

The newest entrant in the mutual fund (MF) industry Abakkus MF is set to launch its first equity scheme — Abakkus FlexiCap Fund — on December 8. The scheme will be managed in accordance with the asset manager's MEETS framework, which blends management quality, earnings strength, structural opportunity, and disciplined timing, said Sanjay Doshi, who will be managing the scheme. 

The launch will mark the re-entry of veteran fund manager Sunil Singhania into the MF industry. However, he will not be directly managing the scheme and will largely operate in an oversight capacity as part of the investment committee.

 

Wakefit’s ₹1,289 cr IPO to open on Dec 8 

Wakefit Innovations is aiming to raise ₹1,289 crore through its Initial public offering (IPO), which opens for subscription on December 8. The firm has fixed a price band of ₹185-195 per share. The IPO will close on December 10, while anchor investors will be allocated shares on December 5. The public issue comprises a fresh issue of equity shares worth up to ₹377.18 crore and an offer for sale (OFS) of 4,67,54,405 shares, valued at around ₹912 crore, taking the total issue size to ₹1,289 crore. As part of the OFS, promoters — Ankit Garg and Chaitanya Ramalingegowda — along with other selling shareholders — Nitika Goel, Peak XV Partners Investments VI, Redwood Trust, Verlinvest SA, SAI Global India Fund I LLP, and Paramark KB Fund I — will offload shares.