Page 20 - Stake Sale

Centre to sell up to 5% stake in IRCTC via OFS to garner Rs 2,720 crore

Floor price fixed at Rs 680/share, an over 7% discount to Wednesday closing price

DIPAM extends last date for submission of EoI for IDBI stake sale

Consortium of foreign funds, investment companies will be allowed to own over 51% of IDBI Bank

Tata Motors to partially sell stake in subsidiary Tata Tech via IPO

The offering could be Tata group's first since listing of TCS in 2004

Govt to check foreign fund appetite in Hindustan Zinc before stake dilution

The government will assess the appetite of large foreign funds in Hindustan Zinc before taking a decision on the timing of dilution of its minority equity stake in the Anil Agarwal-owned metal company, an official has said. The government currently holds a 29.54 per cent stake in HZL, while a 5.54 per cent stake is with public shareholders. Mining mogul Anil Agarwal's Vedanta Ltd is the promoter with a 64.92 per cent stake in HZL. The Cabinet Committee on Economic Affairs (CCEA) approved the sale of 124.79 crore shares or 29.54 per cent stake the government holds in the zinc producer. At the current price of Rs 316 a share, a 29.54 per cent stake would fetch about Rs 39,000 crore to the government. The official said since public float is only about 5 per cent, it would not be feasible for big investors, who put in lump sum funds in the company, as share availability in the market is limited. "Merchant bankers will first assess the interest of large fund houses in HZL. Once we get

Macrotech Developers' promoters plan to raise Rs 3,500 crore via share sale

Realty firm Macrotech Developers' promoters plan to raise about Rs 3,500 crore by selling shares to institutional investors, according to sources. Mumbai-based Macrotech Developers sells its properties under the Lodha brand. In a regulatory filing late on Wednesday, Macrotech Developers informed that the company has launched Qualified Institutional Placement (QIP) of the equity shares. The QIP consists of an offer-for-sale (OFS) of shares by promoter group entities -- Sambhavnath Trust, Sambhavnath Infrabuild and Farms Pvt Ltd, Hightown Constructions Pvt Ltd and Homecraft Developers and Farms Pvt Ltd. The promoters are selling shares for the purpose of achieving minimum public shareholding, the filing said. As on September 2022, promoters had 82.20 per cent stake in the company and they need to bring it down to 75 per cent in order to maintain the minimum 25 per cent public shareholding. Macrotech informed that the floor price has been fixed at Rs 1,022.75 per share but did not .

Abrdn stake sale to boost passive flows in HDFC AMC, say analysts

Deal could add to asset manager's investability weight in MSCI and FTSE indices, lead to higher foreign inclusion factor, they say

Strong interest: DIPAM receives as many as 167 queries about IDBI sale

9-10 serious bidders seek clarity on the expression of interest

Jindal Stainless surges 16% in two days after Quant MF buys 2.6 mn shares

On December 6, Quant Mutual Fund - Small Cap Fund purchased 2.63 million shares representing 0.52 per cent of the total equity of Jindal Stainless at Rs 182.97 apiece on the NSE.

HDFC AMC gains 3% as promoter abrdn plans to sell entire 10.2% stake

abrdn Investment Management is to place up to 21.12 million shares (i.e. 9.9 per cent) with a single buyer with the rest being sold separately, subject to feasibility.

Govt clarifies foreign funds can own over 51% stake in IDBI Bank

This comes ahead of the December 16 deadline for potential bidders to submit EoIs for picking up majority stake in the private sector lender

Softbank halves stake in Policy Bazaar parent, mops up Rs 1,043 crore

Sells 22.84 million shares, or 5.08% stake, at Rs 456.4 apiece; 30 institutional investors among buyers

Aditya Birla Group led incubator buys majority stake in 8 lifestyle brands

With these eight brands on board, TMRW has achieved a revenue run-rate of over Rs 700 crore and is on a path to cross an annual revenue rate of Rs 1,500 crore in the next 12 months

Sukoon Healthcare secures $15 mn from Lightrock for a majority stake

The in-patient psychiatric facility Sukoon Healthcare has secured USD 15 million (about Rs 120 crore) investment from Lightrock India for a majority stake in the hospital. The Gurugram-based hospital in a statement on Wednesday claimed that the investment is the largest in the domestic mental health space so far and will help it create a large therapeutic behavioural health platform. Sukoon -- which delivers evidence-based, globally accredited care and treatment to mental patients -- said it will use the money to scale to multiple locations, expand specialist services and work with other providers. Various estimates put the number of people who suffer from mental health issues at around 200 million, and of them, at least 1 per cent require inpatient treatment. But, there is a severe shortage of specialists to provide care, with only around 10,000 psychiatrists and 1,000 clinical psychologists available in the country today. Founded by Vidit Bahri and Kanishk Gupta in February 2020,

Adani group's Rs 493 cr open offer for NDTV to start from Tuesday

Adani group's open offer to acquire an additional 26 per cent stake in the media firm New Delhi Television (NDTV) from the market would start from Tuesday. The offer, for which a price band of Rs 294 per share has been fixed, will open on November 22 and closes on December 5, said a notice by JM Financial, the firm managing the offer on behalf of Adani Group firms. Markets regulator Sebi on November 7 granted its approval to the proposed Rs 492.81 crore-open offer. The conglomerate, run by India's richest man Gautam Adani, in August acquired a little-known company that lent over Rs 400 crore to NDTV's founders more than a decade ago in exchange for warrants that allowed the company to acquire a stake of 29.18 per cent in the newsgroup at any time. Post that, VCPL - the firm that the Adani group bought out - announced that it would launch an open offer on October 17 to buy an additional 26 per cent stake from minority shareholders of NDTV. However, the offer was delayed since Sebi h

Paytm can slip below Rs 400 if Bears tighten grip; Delhivery may hit Rs 300

Paytm dived over 10 per cent in intraday deals on Thursday amid heavy volume of around 4 million shares. The stock now seems headed to test support at its all-time low of Rs 510.

SoftBank sells 4.5% stake in Paytm for $200 million, says report

SoftBank's sale of 29.35 million shares at that price amounts to a total consideration of $200 million, according to Reuters calculations

Top headlines: Windfall tax on crude hiked, India's 1st export contraction

Business Standard brings you the top headlines at this hour

Budget 2023-24: Disinvestment target likely to stay elevated for FY24

The sources said that the government expects over Rs 60,000 crore from the IDBI stake sale.

Sebi approves Adani's open offer for 26% additional stake in NDTV

Last week, the Adani group had revised the open offer timeline to Nov 22; offer price of Rs 294 a share is at a 24% discount to NDTV's closing price of Rs 365.85 on Monday

Tiger Global sells 3.5% stake in PB Fintech for nearly Rs 606 crore

Tiger Global Management on Friday divested 3.5 per cent stake in Policybazar's parent firm PB Fintech for nearly Rs 606 crore through open market transactions. Funds managed by Tiger Global -- Tiger Global Eight Holdings and Internet Fund III Pte -- sold a total of 1,60,56,422 shares, amounting to 3.57 per cent stake in the company, as per bulk deal data available with the National Stock Exchange (NSE) and BSE. The shares were disposed of at an average price of Rs 374.09-Rs 388.34 apiece, taking the transaction value to Rs 605.86 crore. However, buyer(s) of the shares could not be ascertained. As of quarter ended September, Tiger Global through its fund Tiger Global Eight Holdings owned 4.23 per cent and Internet Fund III held 2.87 per cent stake in the company, shareholding data showed with the exchanges. On Friday, shares of PB Fintech closed 6.95 per cent higher at Rs 399.90 on NSE and Rs 399.30 on BSE.