Page 17 - Stake Sale

LIC raises Tech Mahindra stake by 2 pts via open-market acquisition to 8.8%

Life Insurance Corporation of India (LIC) has raised its stake in IT firm Tech Mahindra Ltd by about 2 per cent through open market acquisition. LIC bought 1.9 crore shares or 2.01 per cent of equity capital at an average price of Rs 1,050.77 per unit, the insurer said in a regulatory filing. The insurer bought the additional shares between November 21, 2022 and June 6, 2023 for about Rs 2,000 crore. Following this, holding in Tech Mahindra Ltd increased to 8.84 per cent, it said. Prior to the acquisition, LIC held 6.86 per cent stake in Tech Mahindra Ltd.

Govt gets Rs 4,185 cr through 3% stake sale in state-run Coal India

The government has mopped up Rs 4,185 crore through a three per cent stake sale in state-run Coal India. The holding of the government has come down to 63.13 per cent in the coal producer after the offer-for-sale (OFS), CIL said in a stock exchange filing. The government has received Rs 4,185 crore through a 3 per cent stake sale in state-run Coal India, as per the Department of Investment and Public Asset Management (DIPAM) website. The government last week sold three per cent stake in CIL and the issue was oversubscribed by both retail and institutional investors. So far in the current fiscal, the government has mopped up Rs 4,235 crore from PSU stake sale. The full-year target from disinvestment has been pegged at Rs 51,000 crore.

Govt engaging with Vedanta to facilitate its residual stake sale in BALCO

In 2001, government had disinvested 51 per cent shares of BALCO to Sterlite Industries Limited, a subsidiary of Vedanta Limited

Apollo Hospitals to raise $200 mn by selling 6% stake in online platform

In May, Apollo's fourth-quarter revenue from healthcare services climbed 18.5% and accounted for 51% of its total revenue

Aurum PropTech to fully acquire home rental platform NestAway for Rs 90 cr

Aurum PropTech on Friday said it will acquire up to 100 per cent stake in home rental platform NestAway Technologies for a cash consideration of up to Rs 90 crore. Founded in 2015, NestAway caters to individuals looking for rental housing in major cities. In a regulatory filing, Aurum Proptech informed that its executive investment committee has approved the acquisition of up to 100 per cent share capital of NestAway Technologies Pvt Ltd for a cash consideration of up to Rs 90 crore. NestAway secured a cumulative funding of USD 110 million at the latest valuation of USD 220 million in 2019, garnering investments from marquee investors such as Tiger Global, UC-RNT Fund, Flipkart, Goldman Sachs and Yuri Milner, the filing said. Besides, Rs 90 crore deal to acquire up to 100 per cent stake, Aurum PropTech said it will inject Rs 30 crore to stabilize the business. "This capital infusion in NestAway is a testament to Aurum PropTech's conviction in India's USD 20-billion rental housing

Government proposes to sell up to 3% stake in Coal India on June 1

The government on Wednesday proposed to sell up to three per cent stake in Coal India Ltd through the offer for sale route from June 1. The Offer for Sale (OFS) will be open for retail and non-retail investors on June 1 and 2. The proposal is to offload 9.24 crore shares amounting to a stake of 1.5 per cent in the coal producer. Besides, there will be a green shoe option for selling an equal amount of stake in case of over subscription, according to a regulatory filing. At the closing price of Rs 241.20 apiece on BSE on Wednesday, the sale of 3 per cent stake in Coal India would be worth around Rs 4,400 crore. "The seller proposes to sell up to 9,24,40,924 equity shares of face value of Rs 10 each of the company (representing 1.50 per cent of the total paid-up equity share capital of the company) (base offer size), on June 1st and 2nd for retail investors and non retail investors," the filing said. There will be an option to additionally sell 9,24,40,924 (1.50 per cent) equity .

Abrdn likely to sell its 1.66% stake in HDFC Life via block deals: Report

Back in 2022, Abrdn Investment also divested a 5.58 per cent stake in HDFC AMC for more than Rs 2,300 crore through an open market transaction

ICICI Lombard soars 14% as ICICI Bank plans to buy additional 4% stake

ICICI Bank would acquire at least 2.5 per cent stake out of the above 4 per cent before September 9, 2024.

Tencent Cloud Europe offloads 2 pc stake in PB Fintech for Rs 562 cr

Tencent Cloud Europe BV on Friday offloaded over 2 per cent shares of Policybazaar's parent firm PB Fintech for Rs 562 crore through an open market transaction. According to the bulk deal data available with the BSE, Tencent Cloud Europe BV sold 94,16,250 shares, amounting to a 2.09 per cent stake in the firm. The shares were disposed of at an average price of Rs 596.66 apiece, taking the transaction value to Rs 561.82 crore. As per the latest transaction, Tencent's shareholding has reduced to 6.28 per cent from 8.37 per cent (as of March 2023) equity in PB Fintech. On Friday, shares of PB Fintech fell 2.85 per cent to close at Rs 604.65 per piece on the BSE.

Siemens dips 10% after board okays sale of low voltage-geared motors biz

In a step to address the fast-growing demand for electric vehicle (EV) charging infrastructure in India, the company signed an agreement to acquire the EV division of Mumbai-based Mass-Tech Controls.

Eiko Lifesciences acquires 25.01% stake in Reflux Pharmaceuticals

The acquisition is part of ELL's long-term strategic growth plan to diversify its portfolio and enter new markets

Vedant Fashions promoter plans to sell 7% stake for Rs 1,962 crore

Vedant Fashions Ltd (VFL), which owns the ethnic wear brand Manyavar, on Wednesday said one of its promoters plans to sell up to 7 per cent stake in the company for at least Rs 1,962 crore. Ravi Modi Family Trust, a promoter of VFL, proposes to sell up to 1.69 crore equity shares, which is 7 per cent of the total issued and paid-up equity share capital of the company, according to a regulatory filing. The floor price for the offer is Rs 1,161 per equity share. "The offer is being undertaken by the sellers, for achieving the minimum public shareholding of the company...," it said. Listed companies are required to have at least 25 per cent public shareholding. Currently, the promoters' holding in the company is 84.88 per cent.

SBI Funds Management gets RBI's nod to acquire 9.99% stake in HDFC Bank

The lender in the filing also stated that SBI Funds Management has been advised by the central bank to complete the said stake acquisition in the bank within a period of six months

Saudi Arabia's prince transfers 4% Aramco stake to public investment firm

Saudi Arabia's crown prince announced on Sunday the transfer of a 4 per cent stake of the oil giant Saudi Aramco to a subsidiary of the kingdom's sovereign wealth fund, further boosting its coffers as the kingdom tries to expand its economy beyond oil. Crown Prince Mohammed bin Salman's decision, announced by the state-run Saudi Press Agency, sends the stake to the Saudi Arabian Investment Co., known as Sanabil Investments. Sanabil is under the sovereign wealth fund known as the Public Investment Fund. The transfer will also solidify PIF's strong financial position and credit rating, the statement about the deal said. It gave no possible investment targets for either Sanabil or the PIF. Saudi Aramco, formally known as the Saudi Arabian Oil Co., acknowledged the shares going to Sanabil. It said the Saudi government remains the oil firm's biggest shareholder, with over 90 per cent of its stock. This is a private transfer between the state and Sanabil, and the company is not a party t

Next Orbit to sell its entire stake in ISMC to Delhi-based B C Jindal group

Sources say the sale is subject to the project getting clearance from the government

Govt eyes IDBI financial bids by June, stake sale completion in FY24 itself

Govt has made several provisions and brought regulatory clarity to make deal attractive for bidders. These include allowing a consortium of foreign entities to own over 51% in the Bank

Highdell Investment sells 2.26% stake in Kalyan Jewellers for Rs 256 cr

Highdell Investment, which is owned by private equity major Warburg Pincus, on Tuesday divested 2.26 per cent stake in Kalyan Jewellers India Ltd for little over Rs 256 crore through an open market transaction. Following the deal, shares of Kalyan Jewellers plunged 9.06 per cent to settle at Rs 107.9 on the National Stock Exchange (NSE). According to bulk deal data available with the NSE, Highdell Investment sold a total of 2,33,25,686 shares of the jewellery chain company, amounting to 2.26 per cent stake in the company. The shares were offloaded at a price of Rs 110.04 apiece, taking the transaction size to Rs 256.67 crore, as per the data. However, the buyer of the shares could not be ascertained immediately. Highdell Investment owned 26.36 per cent stake in the company as of December quarter, latest shareholding data with the BSE showed. Kalyan Jewellers India Pvt Ltd is into manufacturing and sale of gems and jewellery. In December 2022, Kalyan Jewellers announced plans to

Warburg sells 2.3% stake in Kalyan Jewellers, mops up Rs 257 crore

PE major's holding in the Thrissur-based gold retailer falls to 24.06% from 26.36%; Shares of Kalyan Jewellers dip 9.1% to end at Rs 107.9 on the NSE

Vedanta denies talks of stake sale, calls them 'untrue', 'baseless'

Vedanta Ltd on Thursday termed any talks of sale in oil-to-metals conglomerate as "untrue and baseless." This comes in the wake of news report which said that mining mogul Anil Agarwal is contemplating a stake sale in Vedanta as a last-resort option and is examining the possibility of selling less than 5 per cent of the company. According to company's spokesperson, "Any talk of stake sale in Vedanta Ltd is untrue and baseless." The media report said that stake sale in Vedanta is a last resort for Agarwal and will only be considered if other fundraising options fail. Vedanta Resources which is a majority shareholder of Vedanta Ltd has been looking to reduce its debt through the sale of its zinc assets for a cash consideration of USD 2,981 million to Hindustan Zinc Ltd (HZL). However, the government which holds 29.54 per cent stake in Hindustan Zinc has sternly opposed this move. Vedanta holds 64.92 per cent of the equity share capital of HZL. Vedanta Resources had earlier said t

Anil Agarwal weighing Vedanta stake sale as last resort, says report

Agarwal is evaluating the possibility of divesting a less than 5% stake in the Mumbai-listed company, said the people, who asked not to be identified as the information is private