INDUS STAKE SALE
Vodafone UK may offer Rs 2,000 crore equity topup to Vi
Vi may also make more substantial payments to Indus towards cutting its dues after the telco raises debt of ₹23,000-25,000 crore through term loans as planned, analysts added. After the recent sale of its 18% stake in Indus, UK's Vodafone holds 3.1% of the tower company and is said to be in talks with Bharti Airtel to sell these shares, people familiar said.
Promoter selling can cross Rs 1 lakh crore mark as retail investors buy using MFs
With retail investors continuing to be on a buying spree using the mutual fund route, the trend of stake sale by promoters in NSE500 companies looks on track to cross the Rs 1 lakh crore mark.
Buy Hindalco Industries, target price Rs 779: Prabhudas Lilladher
Hindalco Industries Ltd., incorporated in the year 1958, is a Large Cap company (having a market cap of Rs 151619.70 Crore) operating in Metals - Non Ferrous sector.
Buy Hindalco Industries, target price Rs 791: Geojit
Hindalco Industries Ltd., incorporated in the year 1958, is a Large Cap company (having a market cap of Rs 153990.51 Crore) operating in Metals - Non Ferrous sector.
Indian rupee hits new lifetime low against US dollar. Are record block deals the culprit?
The Indian rupee fell to a lifetime low of 83.62 against the US dollar on Thursday. Record block deals worth Rs 23,000 crore on Wednesday, which included Vodafone Plc's stake sale in Indus Towers, is said to be among the triggers behind the INR slide. The local currency had closed at 83.4550 in the previous session.
Indus Towers releases pledge to enable UK’s Vodafone to sell 18% stake in tower company
While Indus Towers has released a pledge on a significant portion of Vodafone's stake, enabling an 18% sale, it retains a secondary pledge on the remaining 3.06%. This move stems from a security agreement established during the merger of Bharti Infratel and Indus Towers, wherein Vodafone's stake served as collateral for a $1.4 billion loan taken in 2019 to finance participation in Vodafone Idea's rights issue.
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UK’s Vodafone Group sells 18% in Indus for Rs 15,300 crore
The stake sale proceeds will be used to clear bulk of the UK company’s existing lender dues relating to $1.8 billion of borrowings secured against its Indian assets.
Gland Pharma shares tumble over 3% after Fosun Pharma likely sells 6.2% stake via block deal
Shares of Gland pharma fell 3.7% as Shanghai-based Fosun Pharma offloaded a 6.2% stake in a block deal managed by UBS, decreasing its holding from 75% to 58.36%.
Vodafone's stake sale in Indus Towers via block deal to likely see passive inflows of $110 million
In a note released on Tuesday, the brokerage predicted MSCI inflows of approximately $70 million, affecting 16 million shares in a single day. Additionally, FTSE inflows are expected to be around $36 million, impacting 8.6 million shares over half a day.
Vodafone Idea's Indus stake sale could speed up repayments to towerco, which may issue dividend: JP Morgan
Vodafone Group's potential stake sale in Indus Towers may generate $2.3 billion in cashflows, prompting accelerated repayment to vendors and a special dividend to shareholders. The sale could clear past dues and benefit Vodafone Plc's lenders. An equity infusion might lead to a special dividend in FY25 for Indus Towers.
Vodafone looks to sell entire $2.3 bn stake in Indus Towers
Vodafone Group plans to divest its entire $2.3 billion stake in Indus Towers through stock market block deals next week to reduce debt. The British telecom giant currently owns 21.5% of Indus, with the final stake size dependent on market demand. Bank of America, Morgan Stanley, and BNP Paribas are managing the sale
Vodafone Idea may issue equity shares to Nokia, Ericsson to settle dues
Telecom company Vodafone Idea (Vi) has said that itrs board will meet on Thursday to consider issuing equity shares or convertible securities on a preferential basis to its vendors.
Buy Hindalco Industries, target price Rs 755: Axis Securities
Hindalco Industries Ltd., incorporated in the year 1958, is a Large Cap company (having a market cap of Rs 156395.03 Crore) operating in Metals - Non Ferrous sector.
Buy Hindalco Industries, target price Rs 755: Axis Securities
Hindalco Industries Ltd., incorporated in the year 1958, is a Large Cap company (having a market cap of Rs 152327.57 Crore) operating in Metals - Non Ferrous sector.
Buy Hindalco Industries, target price Rs 790: Motilal Oswal
Hindalco Industries Ltd., incorporated in the year 1958, is a Large Cap company (having a market cap of Rs 151293.85 Crore) operating in Metals - Non Ferrous sector.
Accumulate Fine Organic Industries, target price Rs 4,779: Prabhudas Lilladher
All the plants of the company are running at optimal capacity as per the management, except the Patalganga plant which will take another 2-4 years to achieve peak utilization. FINEORG is currently trading at 35x FY25E EPS. We expect EPS of Rs140 in FY26.
Buy Hindalco Industries, target price Rs 720: Axis Securities
Hindalco Industries Ltd. key Products/Revenue Segments include Copper/Copper Products, Fertilizers, Other Operating Revenue, Sale of services for the year ending 31-Mar-2023.
IndusInd promoter company to raise stake in bank to 26%
IIHL, an investment arm of the Hinduja brothers, aims to improve valuation of its investment to $50 billion by 2030. IIHL has already received RBI nod to raise its state in IndusInd Bank to 26%. The investment arm also plans to grow life and non-life businesses, start its health insurance operations and will retain Reliance Securities and ARC businesses.
Buy Hindalco Industries, target price Rs 658: Prabhudas Lilladher
Hindalco Industries Ltd. key Products/Revenue Segments include Copper/Copper Products, Fertilizers, Other Operating Revenue, Sale of services for the year ending 31-Mar-2023.
Dial Vi for victory: Cash-strapped telco pulls off biggest FPO
The allotment for qualified institutional buyers (QIBs) was subscribed 19.3 times, of which 82% bids came from foreign institutional investors (FIIs). The non-institutional investor (NII) portion got bids for 4.5 times the shares set aside for them. The retail segment was fully subscribed. The offer had opened on April 18. The FPO is part of a broader ₹45,000 crore funding programme that's key to the company's survival.
Invesco in talks with Hindujas for India MF arm sale
Invesco could sell as much as 60% of Invesco Mutual Fund with assets under management (AUM) of more than ₹74,000 crore as of March 31. The mutual fund industry's total AUM stood at ₹54.50 lakh crore as of February end.
Buy Hindalco Industries, target price Rs 597: Prabhudas Lilladher
Hindalco Industries Ltd., incorporated in the year 1958, is a Large Cap company (having a market cap of Rs 115068.72 Crore) operating in Metals - Non Ferrous sector.
Buy Hindalco Industries, target price Rs 600: Motilal Oswal
Hindalco Industries Ltd. key Products/Revenue Segments include Copper/Copper Products, Fertilizers, Other Operating Revenue, Sale of services for the year ending 31-Mar-2023.
ATC logs $322 mn India goodwill impairment charge for 2023
American Tower Corp. informed SEC about $402 million goodwill impairment charges in 2023, linked to business challenges in India. The tower company sold its Indian unit to Brookfield in a $2.5 billion all-cash deal, expected to conclude in the second half of 2024.
KKR exits Indus Towers via sale of 5% stake; Canada Pension Fund sells 2% holding
Through a separate deal, the Canada Pension Plan Investment Board (CPPIB) sold 57,669,394 shares, representing a 2% stake in the telecom tower infrastructure services provider at Rs 212.15 apiece, aggregating Rs 1,223 crore.
General Atlantic set to acquire Amar Ujala's hospital chain Cygnus Healthcare
GA will acquire about 51% stake held by existing investors - Eight Roads Ventures India, Evolvence India Fund and Somerset Indus Healthcare Fund. Besides the secondary transaction, GA will also acquire a small minority stake from the promoters along with a primary stake, sources said.
IndusInd Bank sells 2.86% stake in Nippon MF
According to BSE Block deal data, the transaction involved the sale of 1.79 crore shares, representing a 2.86% stake in the asset management company, at ₹445.35 per share.
Blackstone sells Rs 6,100-crore stake in Embassy REIT; IndusInd Bank exits Nippon Life AMC
The PE firm, through its several affiliates, sold 19,53,09,190 shares at Rs 316 per unit. Co-sponsored by the Blackstone Group and Embassy Group, Embassy Office Parks REIT is India’s first real estate investment trust (REIT) to get listed in April 2019.
Reliance Capital sells 45% stake in home fin arm for Rs 54 crore
Lenders have approved a ₹9,660-crore resolution plan offered by Hinduja Group-promoted IndusInd International Holdings for Reliance Capital
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