 "ipo")
The initial public offering (IPO) of IdeaForge Technology, a drone manufacturing company, was subscribed 106 times on the final day. The IPO of electronic manufacturing services company Cyient DLM was subscribed 67 times. Both the IPOs generated cumulative bids of more than Rs. 50,000 crore as against shares worth Rs. 1,160 crore on offer, underscoring the bullish sentiment in the market.
Market players said the high demand was on optimism that both the issues will generate a huge listing day pop. However, given the huge oversubscription, the probability for individual investors to get an allotment would be slim, they added.
Adani promoters divest 3% in ATL
Adani group promoters offloaded 3.04 per cent stake in Adani Transmission (ATL) on Friday. Promoter entity Fortitude Trade and Investment sold 33.9 million shares at Rs. 786 apiece to mop up Rs. 2,666 crore, NSE data showed. US-based GQG Partners and other investors were among the buyers. GQG bought shares worth Rs. 1,676 crore. Shares of Adani Transmission closed 6.3 per cent lower at Rs. 768.
On Wednesday, GQG had bought shares worth Rs 1,100 crore in Adani Green Energy. In March, GQG had acquired shares worth $1.87 billion (Rs. 15,446 crore) in four Adani Group companies from the promoter group.
Warburg sells 0.34% in Airtel
Warburg sells 0.34% in Airtel
An affiliate of private equity major, Warburg Pincus offloaded 19 million shares, or 0.34 per cent stake, in Bharti Airtel on Friday. Lion Meadow Investment sold shares at Rs. 868 apiece to mop up Rs. 1,650 crore, block deal data provided by stock exchanges showed. Among prominent buyers were Capital World Growth And Income Fund (bought shares worth Rs. 567 crore), and Euro Pacific Growth Fund (Rs. 557 crore), and New World Fund (Rs. 370 crore). Shares of Airtel rose 1.8 per cent on Friday to finish at Rs. 878.
