Page 8 - Stake Sale

Lodha Group to transfer 18% stake in Macrotech Developers for philanthropy

Lodha Philanthropy Foundation (LPF) will have an initial corpus of Rs 20,000 cror

Sona Comstar to buy Escorts Kubota's railway equipment biz for Rs 1,600 cr

Farm and construction equipment firm Escorts Kubota Ltd on Wednesday said it will sell its railway equipment business division to Sona BLW Precision Forgings Ltd for Rs 1,600 crore. The company has entered into a business transfer agreement with Sona BLW Precision Forgings Ltd (Sona Comstar) for transferring the railway equipment business division (RED) as a going concern, on slump-sale basis, Escorts Kubota Ltd (EKL) said in a regulatory filing. The transaction is being carried out for a lump sum cash consideration of Rs 1,600 crore subject to the terms of the agreement, it added. On the rationale behind the sale, EKL said it has decided to divest the RED in line with its strategic focus on agri and construction equipment sectors. "This strategic shift is aimed at simplifying operations, capital reallocation leading to an increase in scale and efficiency of the core businesses. By aligning with the vision of the parent i.e. Kubota Corporation, EKL is positioning itself for ...

Poonawalla's bold script: 50% stake buy in Dharma for Rs 1,000 crore

Karan Johar to retain remaining 50% ownership

Haldiram Snacks' promoters revise stake sale plans, look to offload 10-15%

Earlier, the promoters of Haldiram's were exploring the possibility of selling a controlling 51 per cent stake, a move that would have valued the company between $8 billion and $10 billion

Morgan Stanley buys 0.57% shares of Titagarh Rail Systems via block deal

Investment banking firm Morgan Stanley on Wednesday bought shares of Titagarh Rail Systems for over Rs 85 crore through an open market transaction. New York-headquartered Morgan Stanley, through its affiliate Morgan Stanley Asia Singapore, purchased 7,63,738 shares or 0.57 per cent stake in Kolkata-based Titagarh Rail Systems, as per the bulk deal data available on the NSE. The shares were acquired at an average price of Rs 1,120 apiece, taking the transaction value to Rs 85.54 crore. Meanwhile, through its arm SmallCap World Fund Inc, Capital group sold more than 7.90 lakh shares of mobility solution provider Titagarh Rail Systems at an average price of Rs 1,120.12 apiece, as per the data on the National Stock Exchange (NSE). This took the deal value to Rs 88.60 crore. On Wednesday, shares of Titagarh Rail Systems slipped 1.36 per cent to close at Rs 1,131 per piece on the NSE.

Boeing files securities statement to raise up to $25 bn via stock sale

It was not clear when and how much Boeing will raise via the offering, but analysts and investors expect the company to raise money before the year end amid looming debt maturities

Temasek in talks to pick minority stake in Haldiram's at $11 bn valuation

The Singapore state investor is holding preliminary talks to buy from 10 per cent to 15 per cent in Haldiram's

Seven & i to start majority stake sale in supermarkets by year-end: Nikkei

Seven & i has been under pressure from investor ValueAct Capital in recent years to improve its asset allocation and has sold down stakes in other lower-performing assets

Pfizer to further reduce stake in Haleon, offers to sell 540 million share

The US company intends to sell 540 million Haleon shares, according to a statement on Monday

Boeing considers raising at least $10 billion by selling stock: Report

The planemaker is working with advisers to explore its options, the report said, adding that raising equity is not likely to happen for at least a month

AT&T sells 70% stake in DirecTV to private equity firm TPG for $7.6 bn

AT&T would receive an initial payment of $2 billion in 2025, and additional payments through 2029, the company said in a filing on Monday

Edelweiss Fin Services sells 6.2% stake in Nuvama Wealth for Rs 1,481 cr

Edelweiss Financial Services on Friday sold a 6.2 per cent stake in financial services company Nuvama Wealth Management for Rs 1,481 crore through open market transactions. Edelweiss Financial Services, through its two subsidiaries, ECap Equities and Edel Finance Company, sold shares of Nuvama Wealth through separate block deals on the BSE. ECap Equities offloaded 17.09 lakh shares of Nuvama Wealth Management while Edel Finance Company sold 5 lakh shares, amounting to a total of 6.24 per cent stake in the company. The shares were offloaded at an average price of Rs 6,702.6 apiece, taking the aggregate deal value to Rs 1,481.21 crore. At the end of the June quarter, Edel Finance Company held a 5.18 per cent stake in Nuvama Wealth Management, and Ecap Equities owned an 8.44 per cent holding in Mumbai-based Nuvama Wealth Management, BSE data showed. Societe Generale, Capri Global Holdings, Goldman Sachs, Ghisallo Master Fund LP, Morgan Stanley, New York State Teachers Retirement Syst

Gulf Oil Lubricants India promoter sells 4% stake for over Rs 263 crore

Gulf Oil International Mauritius Inc, promoter of Gulf Oil Lubricants India, on Thursday divested a 4 per cent stake in the company for over Rs 263 crore through open market transactions. According to the block deal data available on the BSE, Gulf Oil International Mauritius Inc. offloaded 19,50,000 shares, amounting to a 3.96 per cent stake in Gulf Oil Lubricants India. The shares were disposed of at an average price of Rs 1,351 apiece, taking the transaction value to Rs 263.44 crore. After the stake sale, Gulf Oil International Mauritius' holding has come down to 67.8 per cent from 71.76 per cent. UTI Mutual Fund (MF), ITI MF, Baroda BNP Paribas MF, JM Financial MF, Aditya Birla Sun Life Insurance, Axis Securities and Societe Generale were among the buyers of Gulf Oil Lubricants India's shares. Shares of Gulf Oil Lubricants India declined 4.88 per cent to close at Rs 1,370.95 apiece on the BSE. In a separate transaction on the BSE, Cube Highways and Infrastructure II sold 1.16

Nomura, Mizuho leading bidders for majority stake in Avendus Capital

KKR and Avendus management are working together on the sale, the people said

L&T acquires 12.25% stake worth Rs 12.5 crore in quality management firm

Engineering and construction giant Larsen & Toubro has acquired 12.5 million equity shares in not-for-profit company Indian Foundation for Quality Management

Adani Group eyes 46.64% stake acquisition in ITD Cementation India

Acquisition in ITD Cementation India would strengthen Adani Group's civil engineering capabilities

Govt approves sale of FSNL to Japan's Konoike Transport for Rs 320 cr

The government on Thursday approved the privatisation of Ferro Scrap Nigam Ltd (FSNL) to Japanese corporation Konoike Transport Co Ltd for Rs 320 crore. Under the Steel Ministry, FSNL is a 100 per cent subsidiary of MSTC Ltd. The government had received two technically qualified financial bids for the company. The Alternative Mechanism, comprising Transport Minister Nitin Gadkari, Finance Minister Nirmala Sitharaman and Steel Minister H. D. Kumaraswamy, have approved the highest bid amounting to Rs 320 crore of Konoike Transport Co Ltd for sale of 100 per cent equity shareholding of MSTC Ltd in FSNL along with transfer of management control, a finance ministry statement said. The 320 crore bid was higher than the reserve price of Rs 262 crore set by the government on the basis of valuation carried out by the Transaction Adviser and Asset Valuer. The strategic sale of FSNL received two technically qualified financial bids. The bid submitted by Konoike Transport Co. Ltd at Rs 320 cr

GE T&D stock hits 5% lower circuit as promoters begin stake sale via OFS

Promoters propose to sell an 11.7 per cent stake in the company equivalent to 30,000,000 equity shares via OFS on September 19 and 20

Aurobindo to acquire remaining 49% stake in GLS Pharma for Rs 22.5 crore

Aurobindo Pharma Ltd on Wednesday said it will acquire the balance 49 per cent stake in GLS Pharma Ltd for Rs 22.5 crore to make the latter a wholly-owned subsidiary. The company has entered into a binding agreement on September 18, 2024, with GLS Pharma Ltd and its promoters for acquisition of remaining 5,90,361 equity shares of Rs 10 each amounting to 49 per cent stake for a purchase consideration of Rs 22.5 crore. The shares are being acquired at a price of Rs 381.12 per share, Aurobindo Pharma said in a regulatory filing. "This acquisition is undertaken to hold the entire ownership of GLS by the company," it said, adding that the transaction is estimated to be completed before December 31, 2024. Aurobindo acquired a 51 per cent stake in GLS Pharma from promoters Suresh Pathak and his family members on June 17, 2022. GLS is engaged in oncology products, which include orals and injectables used in chemotherapy for solid malignancies, chemotherapy for hematological malignancies an

Indo National divests its entire 51% stake in Kineco for Rs 220 crore

Indo National Ltd, the manufacturer of consumer electrical products and dry cell batteries under brand Nippo, on Tuesday, announced to divest its entire 51 per cent stake in Kineco Ltd, a composites manufacturer, for Rs 220 crore. The Chennai-based manufacturer plans to deploy the funds in new-age enterprises, aerospace and defence industries, as well as across diverse categories of the fast-moving consumer goods sector, according to a statement. "The board of directors decided to sell its 51 per cent stake in Kineco Limited to a consortium of investors for a consideration of Rs 220 crore," it said. Indo National is the second-largest player in the dry cell industry, with a production capacity of 800 million batteries per annum. Besides it also has a presence in consumer electricals and torchlights manufacturing. In 2016, the company invested in Kineco, a key composites business offering a wide range of products and processing technologies for defence, railways and industrial ...