STAKE
Kotak to buy IDBI Bank? RBI identifies eligible bidders for state bank's stake sale
The Reserve Bank of India has approved Fairfax Financial Holdings, Emirates NBD, and Kotak Mahindra Bank as bidders for a majority stake in IDBI Bank. The Indian government and Life Insurance Corp plan to sell 60.7%. Approved bidders will receive access to IDBI Bank's private data after evaluation. Bid submissions are expected by the end of the fiscal year.
Financial bids for IDBI bank likely this fiscal; PSU banks sale on hold: DIPAM Secretary
The government aims to receive financial bids for IDBI Bank by the end of this financial year, moving from the due diligence phase. DIPAM Secretary Tuhin Kant Pandey highlighted the complexities of strategic disinvestment, including management control shifts, regulatory approvals, and addressing employee-related issues. The disinvestment strategy aligns with broader public asset management goals.
Carlyle likely sells stake in PNB Housing Finance via block deal
PNB Housing Finance Block Deal Today: PNB Housing Finance experienced a 13.1% equity change in a block deal with Carlyle reportedly selling at Rs 755 per share. The stock dropped 1.5% on BSE after the transaction. ICICI Securities continued to recommend buying the stock, noting its growing retail mortgage business and strong quarterly financial performance.
Yes Bank in stake sale talks to give exit to its lenders
Yes Bank is working to provide an exit for shareholders, including SBI, as revealed by CEO Prashant Kumar. The bank has seen success in resolving bad loans and has experienced significant deposit growth. Kumar anticipates that Yes Bank's profitability will align with industry peers within 12-18 months, aided by released funds from the RIDF accounts.
Ultratech to buy 33% stake in India Cements
UltraTech Cement's Board has approved purchasing a 32.72% stake in India Cements from promoters and associates, following its prior acquisition of a 22.77% stake. The deal, subject to regulatory approvals, will enhance UltraTech's capacity in Southern India. Chairman Kumar Mangalam Birla highlighted the economic and infrastructural benefits of this investment.
UltraTech to build on its India cements stake
UltraTech Cement was in advanced talks to buy a 28.42% stake in India Cements from N. Srinivasan, raising its total holdings to 51%. This Rs 7,000 crore deal would trigger an open offer and significantly strengthen UltraTech's market share in southern India. N. Srinivasan's family has no interest in running the business after his retirement.
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Godrej Family Office likely to sell a 5% stake in Sobha Ltd
Anamudi Real Estates, part of the Godrej family office, plans to partially exit its 9.99% stake in Sobha Ltd through block deals worth around Rs 1,000 crore. Sobha Ltd recently approved a Rs 2,000 crore rights issue to fuel growth. The company aims to develop 50 million sq ft across key cities over four years.
General Atlantic, other PE funds in talks for majority stake in AIMS
General Atlantic and KKR are among several private equity firms vying for a majority stake in Faridabad-based Asian Institute of Medical Sciences (AIMS), valued at approximately ₹1,500 crore. Other interested parties include Growtheum Capital and Everstone Capital, while IndiaRF has withdrawn from the bidding.
Emami likely to acquire 100% stake in The Man Company
Emami Ltd considered acquiring the remaining 49.6% stake in Helios Lifestyle, which owns The Man Company brand. Emami already had a 50.4% stake after previous investments. Analysts noted The Man Company boosted Emami's earnings, becoming EBITDA positive and growing by 86% last fiscal year. Don't miss full details on Emami's potential complete acquisition and its impact on their portfolio.
Morgan Stanley, Societe Generale buy shares worth Rs 447 crore in RBL Bank via block deals
Morgan Stanley Asia Singapore Pte and Societe Generale purchased 1.25 crore and 71 lakh shares of RBL Bank respectively, worth Rs 447 crore in total via a block deal. The shares were sold by MAPLE II BV at Rs 228 per share, reducing its stake by 7.89% in RBL Bank.
Radhakishan Damani offloads 1.7% stake in VST Industries, takes home Rs 107 crore
Among the public shareholders, Damani held about 34.66% in the company. Damani raised stake in VST Industries during the June quarter by 2%. At the end of March quarter, the investor had held about 32.7% in the company, according to data from Trendlyne.
Any move to reduce govt stake in 12 public sector banks will be resisted: Congress
On Friday, the Congress Party stated its intent to forcefully resist any attempt to reduce the Union government's stake in 12 public sector banks below 51 percent, both in Parliament and outside. This position follows the broader acceptance of mergers in the public sector banking industry over the last seven years, on the condition that the government's share remains above 51 percent.
New meme coin alert: WienerAI raises $7.3 million in presale, set to rival FLOKI?
WienerAI is the latest meme coin sensation in the crypto market, offering a unique AI trading bot experience. With user-friendly features and advanced predictive algorithms, WienerAI aims to simplify trading for both new and experienced investors. The presale ends on July 31, attracting significant interest from the community.
A beginner’s guide to buying Pepe Unchained ($PEPU)
Pepe Unchained ($PEPU) reached a $3M presale and offers 650% staking rewards. It builds a faster layer 2 blockchain, attracting strategic and speculative investors, and is endorsed by top influencers. Inspired by PepeCoin ($284.53M market cap), it has a presale guide, security audits, and a growing community. Tokens are claimable post-presale and tradeable on decentralized exchanges.
PlayDoge raises $5.5 Million in crypto presale - Is this the next meme coin to explode?
PlayDoge, a new meme coin, has raised $5.5 million in presale with a focus on P2E gaming. Offering a mobile gaming app and rewards in $PLAY tokens, it aims to engage users through active gameplay. Staking options are available on BSC and ETH networks.
Modi govt may finally realise Rs 29,000 cr from divestment of this bank following RBI green signal
The Reserve Bank of India has reportedly given its 'fit and proper' approval on bidders for IDBI Bank ahead of the Union Budget 2024, except one foreign participant, putting the ball squarely in Modi government's court. The Modi government's ambitious privatization plans, including IDBI Bank, have seen limited progress due to the upcoming general elections. The upcoming budget is expected to provide key insights.
Govt Goldmine: PSU stocks still partying hard on D-Street
Public sector stocks have seen a significant increase in market capitalisation post-election results, with speculation of potential government stake sales. Valuations are high, posing challenges for further price appreciation. Retail investors are advised to be cautious and consider CPSE ETF for investment.
Raise the stakes of BIMSTEC markedly
The Bimstec foreign ministers' retreat in New Delhi aimed to create an actionable roadmap for the seven member countries, including India, Sri Lanka, Bangladesh, Myanmar, Thailand, Nepal, and Bhutan. India must lead by leveraging its economy and partner strengths. Trade among these seven economies has grown, but remains low compared to intra-Asean trade.
Bank of Maharashtra to raise Rs 5,000 crore in equity to pare govt stake
State-owned Bank of Maharashtra is planning to raise Rs 5,000 crore in equity this year as part of a two-year strategy to pare the government stake to 75% to conform to the market regulation.
YES Bank shares jump over 6%. 2 reasons behind the buying momentum
YES Bank Share Price: YES Bank jumps 6.5% to Rs 26.60 after Moody’s positive upgrade and reports of First Abu Dhabi Bank likely interest in its 51% stake.
YES Bank’s $5 billion stake said to attract lenders from the Middle East, Japan
First Abu Dhabi Bank is considering bid for Yes Bank stake. The stake sale has also drawn preliminary interest from Japan, including Mitsubishi UFJ Financial Group Inc. and Sumitomo Mitsui Financial Group Inc., although it remains unclear how strong their appetite for a deal is and whether they will proceed, the people said.
Yes Bank stake not being evaluated by us, says First Abu Dhabi Bank
First Abu Dhabi Bank clarified it is not considering a stake in Yes Bank, contrary to media reports. Bloomberg had reported potential suitors, including Japanese firms, evaluating a $5 billion stake. Following the news, Yes Bank shares rose 8.5%. Additionally, Moody's upgraded Yes Bank’s outlook to ‘positive,’ reflecting expected profitability improvements.
SAT orders Religare to apply with Sebi for open offer by Burmans
Religare Enterprises directed by SAT to apply for Burman family's open offer to increase stake. Sebi's show cause notice stayed temporarily. Dispute arises over open offer price and 'fit and proper' allegations. Court battles and accusations of fraud escalate between Religare and the Burmans.
KIMS shares surge over 4% after company enters agreement for 100% acquisition
Krishna Institute of Medical Sciences saw a 4.4% increase in shares following the acquisition of Chalasani Hospitals.
Block Deals: Mankind Pharma to see stake sale worth Rs 763 cr; Canada Pension Plan may sell 3.17% in Delhivery
Hema CIPEF is selling 37 lakh shares (0.9% of its total equity) at a discounted price of Rs 2,061 per share, 2% below the current market value. As of the end of March, Hema CIPEF, a fund mostly owned by the company's promoters, held a 2.22% stake in Hema.
Yes Bank stake sale report is factually incorrect, got no approval from RBI: Bank clarifies
Yes Bank clarified that it has not received any in-principle approval from the Reserve Bank of India for a stake sale, countering a speculative media report. The bank emphasized the report's inaccuracies and confirmed no such approval from RBI. Yes Bank's shares rose 1.25% amidst this news report and the eventual clarification.
RKN Enterprises sells 12.65 pc stake in Godrej Industries for Rs 3,803 cr under settlement plan
RKN Enterprises, a part of Godrej Enterprises Group, on Monday sold shares worth Rs 3,803 crore in Godrej Industries Ltd to members of Godrej Industries Group as part of the Godrej family settlement announced in April. According to the block deal data available on the BSE, RKN Enterprises offloaded a total of 4,25,83,272 shares, amounting to a 12.65 per cent stake in Godrej Industries.
Suits & Sayings: Concrete Proof
ET’s roundup of the wackiest whispers and murmurs in corporate corridors & policy parlours.
Dolly Khanna raises stake in smallcap multibagger Selan Exploration Technology
Ace Investor Dolly Khanna has raised her stake in smallcap counter Selan Exploration Technology in the quarter ended June 30, 2024 by 53 bps over the March quarter to 1.56%. Her holding in this oil & gas exploration and production company stood at 1.03%.
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