Page 9 - Stake Sale

Edelweiss Financial Services soars 10% on buzz of stake sale in MF unit

According to reports the company was looking to sell a minority stake in its mutual fund arm and has initiated the process by hiring an investment banker.

Welspun Corp arm sells 5% stake in associate entity for about Rs 480 cr

Welspun Mauritius Holdings Limited (WMHL) has divested a 5 per cent equity stake in East Pipes Integrated Company for Industry (EPIC) for an overall consideration of 218.9 million Saudi Riyal (about Rs 480 crore). EPIC is a step-down listed associate of Welspun Corp in the Kingdom of Saudi Arabia (KSA). "Our wholly-owned subsidiary WMHL has divested a 5 per cent equity stake in EPIC in favour of identified financial investors in a series of negotiated trades on the Tadawul Stock Exchange, KSA on November 11, 2024, for an overall consideration of (Saudi Riyal) SAR 218.9 million (approximately USD 58 million)," Welspun Corp said in an exchange filing. Post this transaction, WMHL's stake in EPIC has changed from 31.5 per cent to 26.5 per cent, and the company will still remain the single largest shareholder in the company, the filing said. The proceeds from the sale of EPIC shares are proposed to be redeployed by WMHL in its new wholly-owned subsidiary Welspun Pipes Company, KSA (WPC)

Pantomath's Bharat Value Fund invests Rs 235 crore in Haldiram Bhujiawala

Haldiram Bhujiawala, which retails its products under the brand 'Prabhuji,' has been a prominent player in the snacks and savoury industry for six decades

Hindustan Zinc OFS gets bids worth Rs 3,400 cr from institutional investors

The government's offer-for-sale for more than 4.75 crore Hindustan Zinc Ltd (HZL) shares to institutional investors over-subscribed on Wednesday, with institutional buyers putting bids worth close to Rs 3,400 crore. On the first day of the two-day OFS, bids came in for over 6.69 crore shares, which is 1.41 times the total of 4.75 crore shares on offer for institutional buyers. The issue will open for retail investors on Thursday. "Offer for Sale in Hindustan Zinc Limited (HZL) received enthusiastic response from non-retail investors today. Government has decided to exercise the green shoe option," Department of Investment and Public Asset Management (DIPAM) Secretary Tuhin Kanta Pandey said on X. The government, which holds a 29.54 per cent stake in HZL, is the largest minority shareholder in the Vedanta Group firm. Through the two-day OFS, the government is selling over 5.28 crore shares, or 1.25 per cent stake, with a greenshoe option to retain additional subscriptions of a simi

Citigroup sells HDFC Bank's shares worth Rs 275 crore via block deal

American multinational Citigroup on Monday offloaded private sector lender HDFC Bank's shares worth Rs 275 crore through an open market transaction. Citigroup, through its arm Citigroup Global Markets Mauritius, sold 15,79,953 shares of HDFC Bank, as per the block deal data available on the BSE. The shares were disposed of at an average price of Rs 1,742.6 apiece, taking the transaction value to Rs 275.32 crore. Ghisallo Master Fund LP acquired the shares of Mumbai-headquartered HDFC Bank at the same price. Shares of HDFC Bank fell 0.48 per cent to close at Rs 1,734.30 per piece on the BSE. On October 19, HDFC Bank reported a 6 per cent increase in the September quarter net profit to Rs 17,825.91 crore on a consolidated basis. On a standalone basis, the largest private sector lender's post-tax net profit grew to Rs 16,820.97 crore during the reporting period against Rs 15,976.11 crore in the year-ago period. The company's core net interest income grew 10 per cent to Rs 30,010 cr

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