Five years after it exited the company, the government is set to get a significant stake in Hindustan Petroleum Corporation Ltd (HPCL) as it looks to infuse equity in fuel retailers that lost money on selling petrol and diesel at discounted rates last year, officials said. The government had in the annual Budget for 2023-24 (April 2023 to March 2024 fiscal) announced Rs 30,000 crore of capital support to state-run fuel retailers -- Indian Oil Corporation (IOC), HPCL and Bharat Petroleum Corporation Ltd (BPCL) -- to support their energy transition and net-zero initiatives. In June, the government asked IOC and BPCL to launch rights issues (to get the capital), and advised HPCL to make a preferential share allotment to the government. Board of IOC earlier this month approved raising up to Rs 22,000 crore by inviting existing shareholders to purchase additional new shares in the company (this type of issue gives existing shareholders securities called rights). BPCL board too has appro
Billionaire Gautam Adani has raised USD 1.38 billion (Rs 11,330 crore) through stake sale in three group companies, taking the total capital raised over four years to USD 9 billion as the conglomerate draws interest from a cross-section of investors. In a statement, the ports-to-energy conglomerate said it "is committed to raising capital to fulfill its 10-year roadmap of the transformative capital management program, which was formulated in 2016 to execute the plans for various portfolio companies." "In the most recent instance, Adani family has raised USD 1.38 billion (Rs 11,330 crore) through stake sale in the three portfolio companies - Adani Enterprises Ltd, Adani Green Energy Ltd and Adani Transmission Ltd," it said. "This ensures higher capital availability at the group level, for growth as well as near-term commitments of both debt and equity for the portfolio companies over the next 12-18 months." In addition, the three portfolio companies have also received board approval
The company has hired an investment bank to advise on the deal, the report said
Since April, the share price of RNVL has more-than-doubled from a level of Rs 68.60 and to a record high of Rs 146.65 on Monday, July 24.
The company said it may consider further investment, subject to pricing, regulatory approvals, and required procedures, however, in no circumstance will it exceed 9.9 per cent.
Poonawalla Fincorp Wednesday said it has completed the sale of a controlling stake in its housing finance arm Poonawalla Housing Finance to Perseus, a Singapore-based entity affiliated to private equity major TPG Global, for Rs 3,004 crore. The Cyrus Poonawalla Group, more known for its vaccine-making business under the Serum Institute, in a statement said the financial consideration of Rs 3,004 crore is excluding the tax outgoes. With this sale, Poonawalla Housing Finance will cease to be a subsidiary of Poonawalla Fincorp, and Perseus will be holding a controlling stake. Poonawalla Fincorp did not quantify how much remaining holding it will be having. Poonawallah Fincorp managing director Abhay Bhutada said the sale gives them ample growth capital that will help it remain focused on growth-focused consumer and MSME finance.
Jindal Stainless on Thursday said it has acquired the remaining 74 per cent stake in Odisha-based Jindal United Steel Limited for Rs 958 crore. Jindal United Steel Limited (JUSL) has become a 100 per cent owned subsidiary of JSL, which held 26 per cent stake in it earlier, a company statement said. "JSL has now acquired the remaining 74 per cent equity stake in JUSL for a cash consideration of Rs 958 crore. The transaction makes JUSL a 100 per cent owned subsidiary of JSL," JSL said. JUSL has been operating the hot strip mill (HSM) of 1.6 million tonne per annum (MTPA) capacity and a cold rolling mill of 0.2 MTPA capacity. It is also undergoing capacity expansion of up to 3.2 MTPA at Jajpur, Odisha. JSL Managing Director Abhyuday Jindal said, "Given the strong outlook on stainless steel and the association of JUSL and JSL, the board of directors of JSL decided to consolidate all the critical facilities of stainless steel manufacturing under one umbrella." This acquisition would re
US-based investment firm GQG Partners has bought a 5.96 per cent stake in edible oil firm Patanjali Foods, which is promoted by Baba Ramdev-led Patanjali Ayurved. GQG Partners has bought 2,15,64,517 equity shares of Patanjali Foods through Offer For Sale (OFS) route, according to a regulatory filing. This translates into a 5.96 per cent stake in Patanjali Foods. Patanjali Foods share price closed at Rs 1,332.75 apiece on Wednesday, up 4.64 per cent from Tuesday. The market cap of Patanjali Foods stood at Rs 48,245 crore. At current valuation, GQG Partners' shareholding in Patanjali Foods is worth nearly Rs 2,900 crore. Last week, Patanjali Foods announced that its promoter Patanjali Ayurved will sell up to 2.53 crore shares of the company through OFS in a bid to increase public float. The floor price was kept at Rs 1,000. The two-day Offer For Sale (OFS) was launched on July 13-14 by promoter entity Patanjali Ayurved to pare its total stake in Patanjali Foods by around 7 per cent
Bhujialalji Pvt Ltd (BPL) is a new entrant to this industry with its product portfolio comprising popular bhujia and namkeen variants
After the transaction, Proximus Opal will make an open offer to acquire another 1.64 crore shares or 26 per cent stake in Route Mobile
The company, whose revenues stood at Rs. 1,660 crore and its net profit at Rs. 21.7 crore in FY22, has become a takeover target of various larger players
The Reserve Bank of India has granted its approval to Tata Asset Management Company (AMC) to increase stake in the private sector lender up to 7.5 per cent.
Selective AMC stocks like HDFC Asset Management Company and Nippon Life India Asset Management may rise up to 15%
Carlyle plans to sell Delhivery's 1.84 crore shares at a floor price of Rs 385.50 apiece
About 3.1 crore shares worth Rs 4,832 crore have been offered by the company to institutional investors
The board approved allotment of 255,000 equity shares and 425,000 warrants to Malabar India Fund and 45,000 equity shares and 75,000 warrants to Malabar Midcap Fund.
The counter had seen combined traded volume of around 12 million shares in the first hour of trading amid reports of parent company to offload stake.
Mortgage lender HDFC Ltd informed the bourses that it has executed definitive documents for the proposed disinvestment or sale of approximately 90 per cent stake in its education loan subsidiary
Price band set between Rs 1,800 and Rs 1,892 for Tuesday's block deals
HONG KONG (Reuters) - The Singapore-based parent of Timken India has proposed to sell an 8.4% stake in the Indian bearings and power transmission products maker for up to $231 million on June 20, according to the term sheet of the deal, seen by Reuters.