London-listed BAT has been speaking with Bank of America Corp. and Citigroup Inc. about a potential divestment of around $2 billion to $3 billion in ITC stock through block trades, the people said
InterGlobe Aviation's promoter Rakesh Gangwal on Monday sold shares worth Rs 6,785 crore of the company through open market transactions. The co-founder of the company, which operates the country's largest airline IndiGo, offloaded 2.25 crore shares of IndiGo amounting to 5.83 per cent stake, according to bulk deal data on BSE. The shares were sold in three tranches, with the price per scrip varying from Rs 3,015.10 to Rs 3,016.36.
Kedaara Capital and Partners Group, promoters of Aavas Financiers, on Tuesday divested 12.6 per cent in the housing finance company for Rs 1,369 crore through open market transactions. Private equity firm Kedaara Capital through its affiliate Lake District Holdings Ltd have sold the shares of Aavas Financiers, while Partners Group through its entities Partners Group ESCL and Partners Group Private Equity (Master Fund) LLC disposed of shares of Aavas on the National Stock Exchange (NSE). As per the bulk deal data available on the NSE, Lake District Holdings sold 58.39 lakh shares of Aavas Financiers, while Partners Group ESCL and Partners Group Private Equity (Master Fund) offloaded a total of 41.57 lakh shares of the housing finance company. These entities have collectively sold 99,96,950 shares, which represents a 12.6 per cent stake in Aavas Financiers Ltd. The shares were disposed of within the price range of Rs 1,370-1,370.20 apiece, taking the combined transaction value to Rs
Chimetech Holding on Friday divested 1 per cent stake in logistics and supply chain firm Delhivery for Rs 360 crore through an open market transaction. According to the bulk deal data available with the National Stock Exchange (NSE), Chimetech Holding Ltd sold more than 76.64 lakh shares, amounting to a 1.04 per cent stake in Delhivery. The shares were disposed of at an average price of Rs 470.01 apiece, taking the transaction value to Rs 360.25 crore. As of December 2023, Chimetech Holding Ltd owned 1.31 per cent shareholding in Delhivery. Details of the buyers could not be ascertained. The scrip of Delhivery declined 1.78 per cent to settle at Rs 464.70 apiece on the NSE. In another bulk deal on the NSE, Amansa Holdings offloaded shares of pharmaceutical company Suven Pharmaceuticals for Rs 215 crore through an open market transaction. Amansa Holdings sold 31.26 lakh shares of Suven Pharmaceuticals at an average price of Rs 689.19 apiece, taking the deal size to Rs 215.48 cror
The US private equity firm is looking to hire financial advisers to help evaluate a sale of its 53.8% stake in the Mumbai-based company, the people said
Whirlpool conducted the sale through its subsidiary in Mauritius, reducing its stake in the entity from 75% to 51%
The sale plan, which is subject to certain conditions, was adopted on Nov. 8, 2023, and would be completed by Jan. 31, 2025, according to the company's latest annual report
Mankind Pharma promoters on Thursday divested a 1.62 per cent stake in the company for Rs 1,367 crore through open market transactions. According to the block deal data available with the NSE, promoters Sheetal Arora, Puja Juneja, and Arjun Juneja offloaded a total of 64,89,534 shares in two tranches each, representing a 1.62 per cent stake in Mankind Pharma, on the NSE. The shares were disposed of at an average price of Rs 2,107.35 apiece, taking the combined deal value to Rs 1,367.57 crore. Through the latest transaction, the combined shareholding of promoter and promoter group entities have declined to 74.88 per cent stake from 76.50 per cent stakeholding (as of December quarter) in Mankind Pharma. As per market regulations, all listed companies must maintain an minimum public shareholding of 25 per cent, while newly-listed firms are given three years to meet the requirement of 25 per cent public float. Accordingly, after the stake sale, the company has complied with the norms
Modi's ambition of privatising state-run firms has taken a back seat due to impending elections, but his government has delivered more stake sales than any previous administration
IDBI Bank on Saturday reported a 57 per cent growth in net profit to Rs 1,458 crore in the third quarter ended December 31, on lower provisioning and better interest income. The LIC-controlled bank had a net profit of Rs 927 crore in the October-December quarter of 2022. The bank's interest income improved during the third quarter of the current fiscal to Rs 6,541 crore, as against Rs 5,231 crore in the same period last fiscal. The gross non-performing asset (NPA) ratio improved to 4.69 per cent as on December 31, 2023, as against 13.82 per cent as on December 31, 2022. Similarly, the net NPA also declined to 0.34 per cent, as compared to 1.08 per cent at the end of December 2022. As a result provisioning and contingencies came down to Rs 320 crore in the December quarter, from Rs 784 crore in the same quarter of the last fiscal. Provision Coverage Ratio (including Technical Write-Offs) stood at 99.17 per cent as on December 31, 2023. During the quarter Capital Adequacy Ratio of
The government on Wednesday said it will sell a 3.5 per cent stake in power producer NHPC at a floor price of Rs 66 a share, which will garner Rs 2,300 crore to the exchequer. "Offer for sale in NHPC opens tomorrow for non-retail investors. Retail investors can bid on Friday. The government will divest 3.5 per cent equity, including Greenshoe option of 1 per cent," the Department of Investment and Public Asset Management Secretary Tuhin Kanta Pandey said on X. As part of the OFS, the government will sell over 25 crore equity shares in NHPC, with a greenshoe option to sell 10 crore more. The floor price of Rs 66 a share is at a discount of 9.66 per cent over Wednesday's closing price of NHPC shares. At the floor price, the OFS would fetch about Rs 2,300 crore to the exchequer. Shares of NHPC closed at Rs 73.06 apiece, up 0.90 per cent on the BSE.
The Modi government has met its privatisation and divestment target only twice in the last decade, even though its track record outstrips that of previous administrations
The government on Wednesday said it has decided to scrap the privatisation of SAIL's Salem Steel Plant (SSP) in Tamil Nadu. This is the third unit of public sector major SAIL where the government has decided not to go ahead with the strategic sale. Earlier in 2019, it decided to halt the privatisation of Durgapur-based Alloys Steels Plant (ASP) while in 2022, the sale of Visvesvaraya Iron and Steel Plant (VISP) in Bhadravati, Karnataka, was called off citing a lack of interest from bidders. In 2018, the Cabinet Committee on Economic Affairs (CCEA) approved the strategic sale of these three units of Steel Authority of India Ltd (SAIL). Accordingly, global Expressions of Interest (EoIs) were invited on July 4, 2019, by SAIL for SSP. "Multiple EoIs had been received and bidders were shortlisted. However, due to the lack of interest of shortlisted bidders to proceed further with the transaction, the Government of India, with the approval of Alternative Mechanism (Empowered Group of ...
The group's non-airport entity is still work in progress in terms of stronger liquidity and asset exits
The company announced on Tuesday that its subsidiary would sell its stake in Aster DM Healthcare FZC to Alpha GCC for $1.01 billion (Rs 8,125 crore).
In 2023/24, about Rs 30,000 crore of the Rs 51,000 crore target was expected through stake sales in IDBI Bank and the privatisation of state-owned NMDC Steel
The comments come after India's finance minister announced a plan this year to provide equity of 300 billion rupees ($3.6 billion) to help the big state oil refiners move towards cleaner energy
Power trading solution provider PTC India would soon achieve a debt-free status following the divestment of its arm, PTC Energy, to ONGC for an enterprise value of Rs 2,021 crore, according to a top official. PTC India in October announced that the upstream firm ONGC had emerged as the successful bidder for acquiring its 100 per cent stake in PTC Energy for an enterprise value of Rs 2,021 crore. In an interview with PTI, PTC India Chairman and Managing Director Rajib K Mishra said, "With the transfer of PTC Energy's assets, the company would become virtually debt-free." Mishra said the enterprise value of PTC Energy includes Rs 925 crore bid of the ONGC as well as over Rs 1,100 crore debt component which will be transferred to the oil company after the transaction is complete. PTC India's outstandings have reduced drastically due to the Late Payment Surcharge scheme and it is now emerging as a company that does not take loans to meet its working capital needs, he pointed out. He .
L&T on Friday said it will sell its 100 per cent stake in subsidiary L&T Infrastructure Engineering Ltd (LTIEL) to a French entity. This transaction aligns with the company's commitment to focus on its core businesses and assets. "L&T...has announced the divestment of its 100 per cent stake in L&T Infrastructure Engineering Ltd ," the company said in a statement. LTIEL is a provider of standalone engineering consultancy services for the infrastructure sector. The stake will be acquired by STUP Consultants Pvt Ltd, a subsidiary of Assystem SA of France. The transaction, which is subject to meeting certain conditions, is likely to be completed before January 15, next year. "This is a step to exit the non-core standalone consulting engineering practice and focus energy and attention on our core businesses. It not only benefits L&T but also allows LTIEL and its employees greater avenues of growth," D K Sen, Advisor to Chairman and Managing Director, L&T said.
The government has received multiple expressions of interest for strategic sale of Indian Medicines Pharmaceutical Corporation Limited (IMPCL). "Multiple Expressions of Interest (EoIs) received for the strategic disinvestment of Indian Medicines Pharmaceutical Corporation Limited (IMPCL). The transaction will now move to the second stage," DIPAM Secretary Tuhin Kanta Pandey posted on X (formerly Twitter). The second stage would involve due diligence and subsequent issue of RFPs (request for proposals) for financial bids. The Department of Investment and Public Asset Management (DIPAM) had on August 31 invited EoIs from interested bidders for disinvestment of IMPCL. The last date for putting in preliminary bids was October 30. The government of India holds a 98.11 per cent stake in IMPCL, under the administrative control of the Ministry of Ayush. The remaining 1.89 per cent is held by Kumaon Mandal Vikas Nigam Ltd (KMVNL), an undertaking of the Uttarakhand government. KMVNL also ..