Divestment

Two entities sell 5.9% stake in TBO Tek for nearly Rs 935 cr via block deal

Augusta TBO (Singapore) and TBO Korea Holdings, two public shareholders of TBO Tek, on Tuesday pared a total of 5.9 per cent stake in the company for nearly Rs 935 crore through open market transactions. TBO Tek is a technology platform engaged in the business of providing services related to tours and travel. According to the bulk deal data available on the BSE, Augusta TBO (Singapore) sold 40.74 lakh shares, while TBO Korea Holdings offloaded 23.05 lakh shares, amounting to a 3.75 per cent and 2.12 per cent stake, respectively, in Gurugram-based TBO Tek. The shares were disposed of in the price range of Rs 1,465.14-1,465 apiece, taking the aggregate deal value to Rs 934.73 crore. After the stake sale, Augusta TBO's holding in TBO Tek has come down to 9.72 per cent from 13.47 per cent, while TBO Korea Holdings' stakeholding in the company has declined to 5.5 per cent. ICICI Prudential Mutual Fund (MF), SBI MF and Axis MF acquired a total of 27.90 lakhs shares or 2.6 per cent stak

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

Lighthouse Advisors pares over 2% stake in V2 Retail for Rs 85 crore

Private equity firm Lighthouse Advisors on Monday divested a 2 per cent stake in value retail chain V2 Retail for Rs 85 crore via open market transaction, while Motilal Oswal Mutual Fund acquired shares of the company. The Mumbai-based Lighthouse Advisors through its affiliate India 2020 Fund II Ltd sold over 7.34 lakh shares, amounting to a 2.12 per cent stake in V2 Retail, as per the block deal data available on the NSE. The shares were offloaded at an average price of Rs 1,160 apiece, taking the transaction value to Rs 85.23 crore. After the stake sale, Lighthouse Advisors' holding in V2 Retail has come down to 4.24 per cent from 6.36 per cent. These shares were purchased by Motilal Oswal Mutual Fund at the same price, the data showed on the National Stock Exchange (NSE). Shares of V2 Retail jumped 5 per cent to end at Rs 1,223.70 apiece on the NSE. In a separate transaction on the BSE, SBI Mutual Fund purchased 3.72 lakh shares or 2.3 per cent stake in Alicon Castalloy for Rs

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 ...

Edelweiss founders divest stake in Nuvama Wealth Management after demerger

Nuvama Wealth Management was listed on the BSE and NSE in September 2023, following the demerger of Edelweiss Financial Services' wealth management business

Govt to push forward IDBI Bank stake sale after RBI key clearance

The Reserve Bank of India has indicated completion of its fit and proper vetting of potential bidders of IDBI Bank, said Tuhin Kanta Pandey, the country's secretary responsible for the stake sale

Union Budget 2024-25: Eye on non-tax revenues and divestment

The divestment target has been set at Rs 50,000 crore, similar to previous years

WestBridge Capital divests 1.2% stake in Indiamart for Rs 190 crore

Private equity firm WestBridge Capital on Friday offloaded a 1.2 per cent stake in IndiaMART InterMESH for Rs 190 crore through open market transactions. WestBridge Capital, through its affiliate WestBridge Crossover Fund LLC, sold shares of IndiaMART InterMESH, an online B2B marketplace, through two separate block deals on BSE. As per the data available with BSE, WestBridge Crossover Fund LLC disposed of 7.3 lakh shares or a 1.2 per cent stake in IndiaMART InterMESH in two tranches. The shares were offloaded at an average price of Rs 2,601 apiece, taking the deal size to Rs 189.87 crore. These shares were purchased by SBI Mutual Fund and Morgan Stanley Asia (Singapore) at the same price. Shares of IndiaMART InterMESH gained 1.25 per cent to close at Rs 2,648.80 apiece on the BSE. In another block deal on the BSE, Rajat Agrawal, one of the promoters' of Gravita India, pared a 2 per cent stake in the company for Rs 191 crore. As per the block deal data available, Agrawal sold 14

Asia Opportunities V, General Atlantic sell 4.46% stake in PNB Housing

Asia Opportunities V (Mauritius) and General Atlantic divested a 4.46 per cent stake in housing finance firm PNB Housing Finance for Rs 843 crore through open market transactions. US-based private equity firm General Atlantic through its affiliate General Atlantic Singapore Fund FII Pte Ltd offloaded its stake in PNB Housing Finance on the BSE. As per the bulk deal data available with the BSE, Asia Opportunities V (Mauritius) and private equity firm General Atlantic Singapore Fund FII Pte sold 58 lakh shares each, amounting to a combined 4.46 per cent stake in PNB Housing Finance. The shares were disposed of in a price range of Rs 727.26-727.47 apiece, taking the combined deal size to Rs 843.79 crore. As of March 2024, shareholding data of PNB Housing Finance on the BSE, Asia Opportunities V (Mauritius) Ltd holds a 9.88 per cent stake, and General Atlantic Singapore Fund FII Pte owns a 9.82 per cent stake in the company. Meanwhile, Societe Generale purchased 13.08 lakh shares at a

Carlyle Group divests 2% stake in YES Bank for Rs 1,441 cr via open market

Carlyle Group on Friday divested nearly a 2 per cent stake in private sector lender Yes Bank for Rs 1,441 crore through an open market transaction. US-based Carlyle Group, through its affiliate CA Basque Investments, offloaded shares in Yes Bank through a bulk deal on the National Stock Exchange (NSE). As per the data, CA Basque Investments sold 59.40 crore shares, amounting to a 1.98 per cent stake in Yes Bank. The shares were disposed of at an average price of Rs 24.27 apiece, taking the transaction value to Rs 1,441.64 crore. After the stake sale, the Carlyle Group's shareholding in Yes Bank has declined to 7.13 per cent from 9.11 per cent. In February this year, global investment firm Carlyle Group pared a 1.3 per cent stake in private sector lender Yes Bank for Rs 1,057 crore. Meanwhile, Goldman Sachs (Singapore) Pte - ODI bought more than 36.92 crore shares, representing a 1.23 per cent stake in the Mumbai-based lender. The shares were acquired at an average price of Rs 24

Harvard, Columbia say no to students demanding to sell Israel investments

"We're willing to risk suspension, expulsion and arrest, and I think that that will put pressure," said Malak Afaneh, a law student at University of California, Berkeley, and a protest organizer

US Senate votes in favor of bill to force TikTok divestment or face ban

The measure, passed by the U.S. House of Representatives on Saturday, has been driven by concerns that China could access Americans' data or surveil them with the app

Govt open to selling stake in GIC Re, LIC in FY24/25, says report

"The government has received good feedback in investor roadshows for GIC, and is open to sell its 10% stake in tranches depending on its shares' value," the official said

360 One sells 5.3% stake in Protean eGov Tech for Rs 241 cr via open market

360 One WAM (formerly IIFL Wealth Management) on Wednesday divested a 5.3 per cent stake in Protean eGov Technologies for Rs 241 crore through open market transactions. 360 One Group through its affiliates, 360 One Special Opportunities Fund Series 5, IIFL Special Opportunities Fund Series 5 and 360 One Special Opportunities Fund Series 4 sold 21,48,841 shares or 5.3 per cent stake in Protean eGov Technologies through separate bulk deals on the BSE, as per the data on the exchange. The shares were offloaded within the price range of Rs 1,115.18-1,130.63 apiece, taking the transaction value to Rs 240.66 crore. After the latest transaction, 360 One Group's combined shareholding through its affiliates has declined to 17.29 per cent from 22.59 per cent stake in the company. Meanwhile, the Massachusetts Institute of Technology Basic Retirement Plan acquired 5 lakh shares of Protean eGov Technologies at an average price of Rs 1,144.93 apiece on the BSE, taking the deal value to Rs 57.25

Jindal Stainless to divest entire 26 pc stake in Jindal Coke by September

Jindal Stainless on Wednesday said it aims to complete divestment of its entire 26 per cent stake in Jindal Coke by September this year. In the first tranche, the company has offloaded 4.87 per cent shares in Jindal Coke for over Rs 36.49 crore. These shares were picked up by JSL Overseas at the same price, according to a regulatory filing. At the same time, Jindal Stainless has acquired a majority stake in Spanish entity lberjindal. In January, the board of the company gave in-principle approval for the acquisition of up to 100 per cent stake in Iberjindal S.L., a subsidiary company based in Spain, and divest 26 per cent equity stake held in its associate company Jindal Coke Ltd (JCL). Jindal Stainless Ltd (JSL) executed a share purchase agreement with JSL Overseas Ltd (JOL) on March 26, 2024, for the sale of a 4.87 per cent equity stake in JCL, the company said in the filing. "The company has transferred 15,80,000...equity shares of the face value of Rs 10 each at a price of Rs

Hindustan Construction Company divests entire equity shareholding in HREL

Hindustan Construction Company (HCC) on Sunday said it has divested its entire equity shareholding in HREL Real Estate Ltd, a wholly owned subsidiary of the company. Accordingly, HREL and its following subsidiaries -- Nashik Township Developers Ltd, Powai Real Estate Developers Ltd, HCC Aviation Ltd, HCC Realty Ltd have ceased to be subsidiaries of the company, HCC said in a regulatory filing. "Hindustan Construction Company Ltd has divested its entire equity shareholding in HREL Real Estate Ltd, a wholly owned subsidiary of the company vide share purchase agreement executed on March 31, 2024," it said. The consideration received from sale stood at Rs 10 lakh. HCC had reported a consolidated profit of Rs 233.22 crore in the December quarter.

Olympus Capital divests 9.8% stake in Aster DM Healthcare for Rs 1,978 cr

Private equity firm Olympus Capital Asia on Wednesday divested a 9.8 per cent stake in Aster DM Healthcare for Rs 1,978 crore through open market transactions. Olympus Capital Asia through its two affiliates -- Olympus Capital Asia Investments Ltd and Olympus ACF Pte -- offloaded the shares of Dubai-based Aster DM Healthcare on the bourse. According to the bulk deal data available with the BSE, more than 4.42 crore equity shares of Aster DM Healthcare were sold by Olympus Capital Asia Investments and 45.59 lakh shares by Olympus ACF Pte Ltd of the company. Around 4.88 crore shares sold represent a 9.8 per cent stake in Aster DM Healthcare. The shares were disposed of within the price range of Rs 405-406.72 apiece, taking the transaction value to Rs 1,978.35 crore. As of December 2023, Olympus Capital Asia Investments Ltd owned an 18.96 per cent stake in Aster DM Healthcare, shareholding data showed with the bourse. Meanwhile, Capital Group through its affiliate SmallCap World Fun

Tata Sons to sell 23.4 mn TCS shares worth Rs 9,362 crore in block deal

Over the past year, TCS shares have gained nearly 33 per cent, slightly outperforming the Nifty50 index, which has risen 30 per cent

Birla AMC promoters to sell 11.47% to raise about Rs 1.4K crore

The Aditya Birla Group, which holds a 50 per cent stake in the AMC, will offload 5 per cent, while Sun Life, which has a 36.48 per cent, will sell the remaining 6.47 per cent stake in the OFS

BAT sells 3.5% stake in ITC for Rs 17,485 cr via open market transactions

British multinational BAT Plc on Wednesday divested a 3.5 per cent stake in FMCG-to-hotel conglomerate ITC Ltd for Rs 17,485 crore through open market transactions. British American Tobacco Plc (BAT), through its affiliate Tobacco Manufacturers (India) Ltd, offloaded more than 43.68 crore equity shares of ITC, amounting to 3.5 per cent stake, according to the block deal data available with the BSE. The shares were sold in 48 tranches, with an average price of Rs 400.25 apiece, taking the transaction value to Rs 17,484.97 crore.