Page 15 - Stake Sale

LIC sells over 2% stake in Power Grid for Rs 3,079 crore in 5 months

LIC has sold over 2 per cent of its holding in Power Grid Corporation over the past five months for Rs 3,079.43 crore, the insurer said on Wednesday. There is a decrease of 2.003 per cent in holding during the period from May 18, 2022 to October 11, 2022. As per regulatory requirement by Sebi, listed companies have to disclose about change in shareholding of 2 per cent and above. "Corporation's shareholding in Power Grid Corporation has diluted from 36,99,02,170 to 23,01,82,028 equity shares decreasing its shareholding from 5.303 per cent to 3.3 per cent of the paid-up capital of the said company," LIC said in a regulatory filing. The shares were sold at an average price of Rs 220.40 per share during the period through an open market sale in an ordinary course of transaction, LIC said. State-owned Power Grid is engaged in electric power transmission, telecom and consultancy services. Shares of the country's largest state-owned insurer, LIC, closed at Rs 615.40 apiece on BSE, down

Route One Fund sells 1.54% stake in IndusInd Bank for Rs 1,401 cr

US-based hedge fund Route One Fund I LP on Tuesday divested a 1.54 per cent stake in IndusInd Bank for Rs 1,401 crore through an open market transaction. Route One Fund I LP offloaded 1,20,00,000 shares, amounting to a 1.54 per cent stake in the company, as per the data available with the National Stock Exchange (NSE). The shares were disposed of at an average price of Rs 1,168.26 apiece, taking the transaction value to Rs 1,401.91 crore. Meanwhile, Goldman Sachs Investment (Mauritius) I Ltd picked up over 69 lakh shares of the company. As of the June quarter, Route One Fund I LP held a 2.75 per cent stake in the company, shareholding data showed with the bourse. Shares of IndusInd Bank closed 3.76 per cent lower at Rs 1,164.80 on NSE.

We are open to innovative relationships that come our way: Madison CMD

Nothing is easy in today's world. Being an independent has its own set of challenges, said he

LIC, Centre to sell 60.7% stake in IDBI Bank; DIPAM invites EoIs

DIPAM invites EoIs; last date to submit bids is Dec 16

Quess Corp to sell its stake in Simpliance Technologies for Rs 120 crore

Aparajitha, a Human Resource compliance service firm from Madurai, Tamil Nadu, along with its affiliates would take over a 53 per cent stake in Simpliance from Quess Corp.

Tata Steel announces offloading 19% equity holding in AI Rimal to Tanmia

Tata Steel on Tuesday said it has offloaded 19 per cent stake in Al Rimal Mining LLC, Oman (Al Rimal). With this transaction, the company's shareholding in Al Rimal has come down to 51 per cent from 70 per cent, Tata Steel said in a statement. "Tata Steel, through T S Global Holdings Pte Ltd, has concluded the divestment of its 19 per cent equity stake in AI Rimal to Tanmia on October 3, 2022," it said. T S Global Holdings Pte Ltd (formerly T S Global Mineral Holdings Pte Ltd), is a wholly-owned subsidiary of Tata Steel Limited. According to the statement, T S Global Holdings had entered into an agreement with Oman National Investments Development Company (Tanmia) and the existing shareholders of Al Rimal to transfer its 19 per cent shareholding in Al Rimal to Tanmia. Tata Steel did not disclose the transaction value of the deal.

Individual sells 3.3% stake in Best Agrolife worth Rs 98 cr via open market

An individual on Tuesday sold 3.3 per cent stake in Best Agrolife Ltd for over Rs 98 crore through open market transactions. Raj Kumar offloaded 5,25,000 shares on the NSE and 2,75,000 shares on the BSE, amounting to 3.38 per cent stake in the company, as per the bulk deal data available with the two exchanges. The shares were disposed of at an average price of Rs 1,240.9 apiece on NSE and Rs 1,210.68 per scrip on BSE, taking the combined transaction value to Rs 98.44 crore. Quant Mutual Fund picked up 5 lakh shares of the company on both NSE and BSE. Other buyers were not identified. As of June quarter, Raj Kumar held a 16.57 per cent stake in the company, shareholding data with the bourses showed. Shares of Best Agrolife closed 3.21 per cent higher at Rs 1,249 on NSE and 4.05 per cent up at Rs 1,249.90 on BSE.

Takeover scare for McLeod Russel as Carbon Resources picks up over 5% stake

The would-be acquirer makes non-binding offer to banks to settle the bulk tea producer's dues

Abrdn sells 2% stake in HDFC Life at Rs 574 a share, mops up Rs 2,469 cr

Societe General bought shares worth Rs 469 cr, Integrated Core Strategies bought shares worth Rs 287 cr and Norges Bank bought shares worth Rs 234 cr

HDFC Life Insurance stock settles 1% higher on Abrdn stake sale news

Shares of HDFC Life Insurance Company settled for the day with gains of over 1 per cent after the UK-based investment company Abrdn said it is planning to sell 4.3 crore shares in the private sector insurer through block deal. Abrdn is planning to sell up to 4.3 crore shares, representing 2 per cent of HDFC Life's outstanding shares through a block deal to raise over Rs 2,425 crore. On BSE, HDFC Life stock opened at Rs 601, and touched an intra-day high of Rs 606 and a low of Rs 585.35 during the trading session. The stock finally settled at Rs 586.90, up 1.21 per cent from its previous closing price. At the end of Tuesday's trading session, the market capitalisation of HDFC Life Insurance Company stood at Rs 1,24,027.23 crore. On the NSE, shares of the company opened at Rs 605 apiece, and finally ended the day at Rs 586.50, higher by 1.37 per cent from its previous closing price. The 30-share Sensex rose 455.95 points or 0.76 per cent to close at 60,571.08 points. The broader Ni

KKR seeks advisers to sell stake in Avendus Capital, says report

The private equity titan is close to appointing two banks to manage the formal process for the transaction, the people said, asking not to be named as the information is not public

Gangwal may sell up to 2.8% in IndiGo Airlines for Rs 2,000 cr: Sources

Stake sale being brokered by three investment banks, says another source; Gangwal and his group currently own 36.6% in InterGlobe Aviation, Bhatia's camp owns 38.17%

Sembcorp Industries sells India unit to Tanweer Infra $1.47 billion

By 2025, Sembcorp aims to quadruple its gross installed renewable energy capacity to 10 Gw

NTPC Ltd receives 13 bids for minority stake sale in Green Energy arm

NTPC has doubled its plan for non-fossil fuel sources based power to 130 Gw by 2032 at an estimated investment of $30 billion

Adani rejects NDTV contention that stake sale needs I-T Dept approval

Adani Enterprises said that the RRPR disclosure lacked bonafides and had no merit or basis either in law or in fact and was misconceived

TPG weighing majority stake sale in Fourth Partner Energy: Report

The private equity firm is working with an adviser on the deal, said the people.. A stake sale could value Fourth Partner at around $600 million, the people said.

Singer India zooms 43% after promoter offloads 22% stake via block deals

Rare Investments, the investment arm of late Rakesh Jhunjhunwala acquired 4.25 million equity shares or 7.91 per cent stake in Singer India on Tuesday, showed block deal data

GIC, Capital Group buy KKR's entire stake in Max Health; stock surges 10%

KKR sold the entire 26.8% stake worth Rs 9,400 cr as part of its exit strategy

Activist investor Elliott sells down remaining SoftBank stake: Report

SoftBank's portfolio has subsequently been hit by a collapse in tech valuations as investors turn sceptical on the high-growth stocks it favours

ADIA to invest Rs 665 cr in Aditya Birla Health Insurance for 9.99% stake

The transaction values the company at Rs 6,650 crore