Stake Financial News

Reliance Capital sold a 45% stake in listed subsidiary Reliance Home Finance for ₹54 crore in the open market, a move that will improve recovery for lenders. Reliance Capital, an erstwhile Anil Ambani's finance company, which is undergoing corporate insolvency, is now left with under 2.5% in Reliance Home Finance. Lenders have approved a ₹9,660-crore resolution plan offered by Hinduja Group-promoted IndusInd International Holdings for Reliance Capital. However, the resolution of Reliance Capital subsidiaries Reliance Home Finance and Reliance Commercial Finance was initiated before the Reserve Bank of India admitting the parent company Reliance Capital for corporate insolvency.

Reliance Capital sold a 45% stake in listed subsidiary Reliance Home Finance for Rs 54 crore in the open market, a move that will improve recovery for lenders. Reliance Capital, an erstwhile Anil Ambani’s finance company, which is undergoing corporate insolvency, is now left with under 2.5% in Reliance Home Finance. Lenders have approved a Rs 9,660-crore resolution plan offered by Hinduja Group-promoted IndusInd International Holdings for Reliance Capital. However, the resolution of Reliance Capital subsidiaries Reliance Home Finance and Reliance Commercial Finance was initiated before the Reserve Bank of India admitting the parent company Reliance Capital for corporate insolvency. The process was completed outside the purview of the NCLT. Authum Investment & Infrastructure acquired assets of both finance companies in an out-of-court resolution process. Under the resolution plan, Authum acquired Rs 11,540-crore debt of Reliance Home Finance for Rs 3,351 crore and the Rs 9,000-crore loan book of Reliance Commercial for Rs 1,629 crore.

JSW Steel is looking to pick up a 20 to 40% stake in the metallurgical coal unit of Canada's Teck Resources, Bloomberg News reported on Friday, citing the Indian steel producer's chairman, Sajjan Jindal. India's biggest steel producer intends to bid for 20% to 40% of Elk Valley Resources Ltd., a unit of the Canadian company, Jindal said.

Small-cap stock below ₹200: Global investment firms Nexpact Limited and AG Dynamic Fund Limited have made investment in Nexpact Limited and AG Dynamic Fund Limited — a small-cap stock that has delivered multibagger return to its long term positional shareholders in year-to-date (YTD) time. These Mauritius-based foreign institutional investors (FIIs) bought stake in the company through preferential issue offered by the small-cap company Sprayking Agro Equipment Ltd.

Ahead of the proposed IPO of Reliance Retail Ventures Ltd (RRVL), Mukesh Ambani's RIIL is planning to sell an additional 8-10% stake in RRVL, reported Economic Times citing inputs from industry experts. The report said that the sale of stake would be completed in a duration of 12-15 months.

Baring PE sold its entire stake in IT services company Coforge through block deals on Thursday for ₹7,684 crore, according to exchange data. Through its affiliate Hulst BV, Baring PE held a 26.63% stake in the company as of June 30, 2023.

Max Financial Services, offloaded a 3.6% stake in the company for ₹1,091 crore through open market transactions. Nippon India Mutual Fund (MF), ICICI Prudential MF, Kotak MF, Kotak Mahindra Life Insurance, HDFC Standard Life Insurance, Morgan Stanley Asia Singapore, International Monetary Fund and Plutus Wealth Management among others were the buyers of the shares of MFSL on both BSE and NSE. Max Financial Services Ltd (MFSL) is the holding firm for Max Life Insurance Company.

MUMBAI : BPEA EQT on Thursday sold its entire 26.63% stake in Coforge Ltd (formerly NIIT Technologies) for ₹7,684 crore to multiple investors through bulk deals, leaving the software services firm without a promoter and the first of its kind to be entirely owned by public investors. The block deals in the software services firm boosted its stock by around 10% to ₹5,391 on Thursday, with the transactions drawing marquee investors such as SBI Mutual Fund, Aditya Birla Mutual Fund, Capital Group and Kotak Mahindra Group. Coforge is a professionally managed company, and hence, no identifiable promoter is a good thing, said an analyst.

Max Financial Services, on Thursday, sold 3.3% stake in the company for Rs 982 crore. The promoter group entity sold 1.12 crore shares in Max Financial at Rs 873 apiece. This is at a discount of around 1% to Wednesday’s closing price of the stock. As of June-end, Max Ventures Investment held a 10% stake in the financial services company. Despite the selling, shares of Max Financial ended nearly 3% higher at Rs 904.35.

It seems two of Australia’s best-known fund management houses were hobnobbing after market close on Wednesday.

Barrenjoey’s equities desk was late on Wednesday looking for buyers for some $112 million in Magellan Financial shares being offloaded by the fund manager’s co-founder, Chris Mackay.

The Dow Jones Industrial Average rose 49.76 points, or 0.15%, at the open to 34,338.59. The S&P 500 opened higher by 8.89 points, or 0.20%, at 4,396.44, while the Nasdaq Composite gained 26.56 points, or 0.20%, to 13,532.43 at the opening bell. More to come....

₹ 8,278 crore into RRVL, a subsidiary of Reliance Industries Limited. This investment values RRVL at a pre-money equity value of ₹ 8.278 lakh crore.

Reliance Industries Ltd (RIL) on Wednesday announced that Qatar Investment Authority (QIA) will invest Rs 8,278 crore in its subsidiary Reliance Retail Ventures. This investment values Reliance Retail Ventures at a pre-money equity value of Rs 8.28 lakh crore. The investment by the Qatari fund will translate into a nearly 1% stake in the retail major. In 2020, Reliance Retail Ventures raised Rs 47,265 crore by selling a stake to various global investors.

Zomato, Paytm, PB Fintech, Nykaa, Delhivery and others have seen rising interest from foreign investors over the past one year as these companies seem to have been improving their business models and reporting decent growth with operational efficiencies. The Foreign Portfolio Investors (FPI) have raised their shareholding in these new-age tech companies, as seen in the June quarter shareholding pattern.

Torrent Pharma has joined the fray to buy out the Hamied family, the promoters of Cipla – a company that is more than double (2.3x) its FY23 consolidated revenues, and 2.3 times its profits and 1.46 times its present market value – said multiple people in the know. Ahmedabad headquartered Torrent is working with JP Morgan to compete with global of the biggest buyout funds Blackstone and Baring Private Equity Asia-EQT. Torrent is looking to partnering with private equity funds and form a consortium but those discussions still preliminary.Lenders tapped In parallel, Torrent has approached multiple lenders for funding and is keen to make an all-cash offer. Work has intensified in the past month, said one of the people mentioned above.

According to Circle's blog post released on August 21, Cryptocurrency exchange Coinbase has bought a minority stake in Circle Internet Financial while dissolving their Centre Consortium partnership that had issued USD Coin (USDC), the world's second-largest stablecoin.

Jio Financial Services, the demerged non-banking financial services unit of the Mukesh Ambani-led Reliance group. "… Corporation has acquired 6.660 per cent shareholding in 'Jio Financial Services Ltd' through demerger action by 'Reliance Industries Ltd'," LIC said in a regulatory filing.Jio Financial Services listed on the stock exchanges on August 21.

Coinbase and Circle have redefined their relationship, according to identical announcements on the Coinbaseand Circle blogs on Aug. 21. The two organizations jointly launched the USD Coin (USDC) stablecoin and have until now governed the token through the Centre Consortium.

Bruce Mathieson, the billionaire businessman who made his fortune in pubs, has formally asked the NSW casino regulator for permission to increase his stake in Star Entertainment, a clear signal of his long-term ambitions to gain a larger holding in the embattled wagering group.

Adani Enterprises, by 2.22% through open-market purchases, as per a regulatory filing.Kempas Trade and Investment, a promoter group company, acquired 2.53 crore shares of Adani Enterprises between August 7 and August 18, raising the promoters' overall stake in the company to 69.87%. The purchased stake is worth ₹6,675 crore as of the stock's closing price on Monday.