Trent, BEL to be added to Nifty 50 from Sep 30; Banga sells 1.43% in Nykaa

Gemmological files for Rs 4,000 cr IPO

Blackstone-owned diamond grading firm International Gemmological Institute (India) Ltd, has filed preliminary papers with capital markets regulator Sebi to float Rs 4,000 crore through an initial public offering (IPO). The initial share-sale is a combination of a fresh issue of equity shares worth Rs 1,250 crore and an Offer-For-Sale (OFS) valued at Rs 2,750 crore by promoter BCP Asia II TopCo Pte, an affiliate of Blackstone, according to the draft red herring prospectus (DRHP). The company proposes to utilize the proceeds from the fresh issue for the acquisition of IGI Belgium Group and IGI Netherlands Group from promoter and general corporate purposes. International Gemmological Institute (India) Ltd provides services related to the certification and accreditation of natural diamonds, laboratory grown diamonds, studded jewellery and coloured stones.

Trent, BEL to be added to Nifty 50 from Sep 30

Index provider NSE Indices on Friday announced fashion retailer Trent and state-owned Bharat Electronics (BEL) will replace Divi’s Laboratories and LTI Mindtree in the flagship Nifty 50 index. The changes, part of the semi-annual review, will become effective from September 30. NSE Indices also announced over half a dozen changes to the Nifty Next 50 index with JSW Energy, Lodha, NHPC and Union Bank making it to the index seen as a stepping stone to the Nifty 50 index. 

Banga sells 1.43% in Nykaa to mopup Rs 852cr

Harinderpal Singh Banga, an early investor in beauty retailer FSN E-Commerce Ventures (Nykaa), sold 1.43 per cent stake in the firm to mopup Rs 852 crore. He sold 40.88 million sha­res at Rs 208.3 apiece. Among the buyers were Kotak Mahindra Mutual Fund, Nippon India MF, Morgan Stanley, and SBI MF. 

(With inputs from PTI)