Industrialist Anil Ambani has sold nearly half of his 15% stake in Nandi Infrastructure Corridor Enterprises Ltd (NICE), an entity developing Bangalore-Mysore infrastructure corridor, for over Rs 300 crore.
Ambani, who heads telecom-to-financials conglomerate Reliance Group, has sold an 8% stake for $65 million (over Rs 300 crore) out of his total holding of 15% in NICE Ltd held in his personal capacity, sources said.
When contacted, a Reliance Group spokesperson declined to comment.
Ambani had acquired 15% stake in NICE for Rs 60 crore way back in 2005 and the latest deal has given him a return of nearly 10-times in about seven years ago.
NICE was formed by industrialist Baba Kalyani-led Kalyani Group of Companies and SAB International Ltd to develop the Bangalore-Mysore Infrastructure Corridor.
As the owners of this Build-Own-Operate-Transfer (BOOT) project, NICE will implement the project in its various phases and operate the facilities after completion of construction.
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Sources said that the shares have been sold by Ambani to a Mauritius-based fund affiliated to global financial services giant JP Morgan and values NICE Ltd at over Rs 4,000 crore.
Pursuant to this deal, JP Morgan's stake would rise to 18% in this entity, where Kalyani group's BF Utilities holds nearly 75%.
Shares of BF Utilities today soared by over 10% to close at Rs 431.65 at the BSE. Shares of another group company Bharat Forge Ltd also rose over 5% to Rs 326.90.