Stocks to Watch: TCS, Zomato, Aster DM Heathcare, PCBL, Ireda, Tata Power, BHEL
TCS: The ₹17,000 crore-share buyback programme of India’s top software services exporter Tata Consultancy Services (TCS) will open on 1 December. The buyback, where investors can sell to the company their shares at an offer price of ₹4,150 apiece, will close on 7 December, TCS said in a regulatory filing on Tuesday. The IT bellwether aims to repurchase up to 40.9 million shares (1.12% of the total equity share capital) at ₹4,150 apiece in a buyback valued at ₹17,000 crore.
Zomato Ltd: Ant Group’s payments platform Alipay is set to offload shares of Zomato Ltd in a $395 million block deal on Wednesday, according to a term sheet reviewed by Mint. Alipay’s share sale follows a partial stake sale by Softbank Group in the food delivery aggregator last month where the Japanese investor sold 1.1% stake for ₹1,200 crore. Alipay is selling 296 million shares in the online food delivery company and expects to raise ₹3,290 crore.
Aster DM Healthcare: The hospital chain will separate its mainstay Gulf business and sell it to its Indian promoters (Moopen family) and a Dubai consortium for $1.001 billion, in a move it said will unlock shareholder value and attract more institutional investors. A consortium led by United Arab Emirates government-backed Fajr Capital will own 65% of the Gulf entity, while Azad Moopen, the promoter of Aster, will own 35%, once the transaction is concluded. PCBL Ltd: RP-Sanjiv Goenka Group’s PCBL Ltd has agreed to acquire 100% stake in Pune-based Aquapharm Chemicals Pvt.
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