MAJORITY STAKE
Global firms buy PB Fintech stakes from early backers
Foreign portfolio investors (FPIs) have lapped up shares in Gurugram-based listed fintech firm PB Fintech, as its founders and early investors sold their shares, in full or in part, in multiple tranches. These transactions happened through bulk deals when several early-stage investors of the company exited the firm fully or partly after 2021, when it went public.
Key issues at stake in the UK election
The UK general election on Thursday faces key issues: Labour's predicted win amidst lacklustre campaign, voter apathy towards party leaders, Farage's Reform UK surge, potential Tory setback, SNP's struggles for independence, and Lib Dems' resurgence with unique campaign strategies and focus on pro-European and climate policies. Turnout and results will shape the future government.
Joe Biden's disastrous debate blamed on bad preparation, exhaustion
President Joe Biden's debate performance against Donald Trump has led to internal criticism and calls for reevaluation within the Democratic Party. Biden, appearing exhausted and unwell, struggled to counter Trump's falsehoods, prompting some to blame senior advisers for poor preparation. Major fundraiser John Morgan and others have suggested dismissing key aides, citing over-coaching. While Biden's campaign reports no major polling shifts, discussions about his 2024 candidacy and campaign strategy are intensifying among Democrats.
Google buys stake in Taiwan solar power firm owned by BlackRock
Investing in New Green Power in Taiwan, I drive sustainable energy solutions for manufacturers, reducing Scope 3 emissions. This aligns with my commitment to carbon-free operations and environmental sustainability, supporting solar capacity growth in the region.
How the Biden-Trump debate could change the trajectory of the 2024 campaign
President Joe Biden and former President Donald Trump will meet for a debate on Thursday, presenting an important chance for both to influence voters and shift the political landscape. Biden, 81, will aim to show he is still capable of leading the nation through various challenges. On the other hand, 78-year-old Trump will seek to move beyond his felony conviction in New York and demonstrate to millions of viewers that he is fit to return to the Oval Office.
London PE Finnest takes majority stake in cloud kitchen firm Kitchens@ with $160 million investment
London-based PE firm finnest has acquired a majority stake in cloud kitchen startup Kitchens@ with an investment of Rs 1,335 crore, making it the largest shareholder. This round values Kitchens@ at $305 million, post-money, sources told ET. Kitchens@ provides services like ready-made kitchen setups, as well as supply chain and hiring support to cloud kitchens.
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Hindustan Foods shares zoom 15% after stake sale via block deal
Shares of the FMCG major Hindustan Foods (HFL) surged 15% today on BSE to Rs 582.50 after a likely equity stake sale of 11.1% via a block deal on Wednesday. The deal size is said to be approximately worth Rs 720 crore.
CCI approves IT services firm Coforge’s stake purchase in Cigniti
The Competition Commission of India (CCI) gave its stamp of approval on Tuesday for IT services firm Coforge to acquire a controlling stake in Cigniti Technologies.
Zee chief Punit Goenka acquires majority stake in Maverick Media in his personal capacity
Zee Entertainment MD & CEO, Punit Goenka, has personally acquired a majority stake in Maverick Media. Financial details were not disclosed. Goenka aims to revive single-screen theaters in tier II and III cities, enhancing cinema infrastructure. Maverick Media, promoted by Vistaar Entertainment, focuses on expanding the large-screen cinema experience across India.
Flipkart-Swiggy deal talks; Corning’s India plan
Flipkart considered buying a stake in Swiggy months ago amid the rise of quick commerce. This and more in today’s ETtech Morning Dispatch.
ZEE MD & CEO Goenka acquires majority stake in Maverick Media in personal capacity
Punit Goenka's investment in Maverick Media aims to revive single-screen cinemas in underserved tier II and tier III cities across India. Goenka emphasised the immense potential of these markets and the importance of reviving this infrastructure to expand the reach of cinema.
Triveni Engineering & Industries acquires majority stake in Sir Shadi Lal Enterprises
Triveni Engineering & Industries Ltd announced acquiring an additional 36.34% stake in Sir Shadi Lal Enterprises Limited, making SSEL a subsidiary of the company.
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.
Dollar Industries sets sights on southern expansion with 50 new outlets
Under its 'Vision South India' initiative, Dollar Industries anticipates a 50-per cent surge in sales from markets in that region compared to the current year, officials said.
Carlos Slim takes 3% stake in Britain's BT
The stake bought by Slim, whose family controls telecommunications giant America Movil, has a market value of about 408 million pounds ($522 million), based on BT's closing share price on Wednesday. Slim acquired the holding through his Inbursa financial company and two other group companies.
New govt not in favour to sell stake in OMCs, says Oil Minister Puri
India's oil minister, Hardeep Singh Puri, has announced plans to bring petrol, diesel, and natural gas under the Goods and Services Tax (GST) as part of the new cabinet. Puri emphasized that the government is not in favor of stake sales in state-run oil firms, following the scrapping of the Bharat Petroleum Corporation Ltd (BPCL) divestment process in 2022. The Indian firms are also in talks for a term oil deal with Russia.
Dutch infrastructure major Ferrovial pruning stake in IRB infrastructure via block deal
Cintra has offered 301 million shares for sale with a floor price between ₹63 and ₹70.16 per share, representing a 10% discount from the lower end compared to Monday's closing price. Jefferies and HSBC are the bankers for the deal.
Promoter Blackstone sells 15% stake in Mphasis for Rs 6,700 crore
Blackstone held a majority stake in the IT firm at 55% as of March. Now it's down to 40%, but still, it's the largest shareholder. Mutual funds hold 13.88% and foreign investors like Nomura hold 14.86%. According to the exchange data, marquee funds including Kotak MF, Morgan Stanley, Societe Generale picked up stakes in the transaction.
Blackstone may sell up to 15% stake in IT major Mphasis for Rs 6,697 crore
Blackstone may sell up to 15% stake in IT major Mphasis for Rs 6,697 crore through a block deal. Blackstone holds 55.45% in Mphasis. Mphasis specializes in cloud and digital solutions.
InsuranceDekho in talks to acquire credit marketplace BankSathi: sources
Insurance marketplace InsuranceDekho, backed by investors like TVS Capital and Goldman Sachs Asset Management, will acquire a majority stake in BankSathi, which is a distributor of credit cards and personal loans, two people in the know said.
Taro shareholders approve merger with Sun Pharma
The combined entity will enable the company to better serve the needs of patients, healthcare professionals and customers around the world, he added. Upon completion of the merger, currently expected to close in around 35 days, Taro will become a privately held company, wholly-owned by Sun Pharma and soon after its shares will be de-listed from the NYSE.
Cipla promoters sell 2.53% stake for around Rs 2,600 crore
Promoters of Cipla, including Person Acting in Concert, sold 2.04 crore shares in a block deal worth around Rs 2,600 crore to create liquidity for specific needs, including philanthropy. After the stake sale, the entire promoter group holds 31.67% in Cipla, expressing commitment to the company's future.
Founder Sachdev to retain majority stake in Centre for Sight
The Padma Shri awardee, who previously headed the ophthalmology department at All India Institute of Medical Sciences, told ET that he would be among the few entrepreneurs in this sector to remain in control of his company after private equity investors swamped the space announcing a slew of investments in the past 24 months.
Premji Invest eyes Nainital Bank stake; Ranjan Pai may back Rupeek
Happy Friday! Azim Premji’s family office is eyeing a majority stake in Bank of Baroda-owned Nainital Bank. This and more in today’s packed edition of ETtech Morning Dispatch.
Mynavi buys majority stake in Awign
Mynavi Corp acquires majority stake in Awign, leading to exit of early backers. Awign aims for long-term growth, focusing on scaling operations, expanding globally, and enhancing digital infrastructure with the partnership.
UAE giant eyes majority stake in Vedanta's Zambian mines in expansion drive
Vedanta wants to sell part of its 80% stake in KCM and has hired Standard Chartered to manage the process in an effort to raise capital to revive the assets, which were nearly paralysed in an ownership dispute with the government that erupted in 2019 when the then-administration seized them. The deals spree is part of a push by oil-rich United Arab Emirates (UAE) and Saudi Arabia to secure critical metal supplies from Africa, a move that could also help them participate in the transition to green energy.
Exclusive: Flipkart-Zepto deal talks falter; quick commerce startup opts for financial investors
The strategic sale discussions are unlikely to be revived. Quick commerce company Zepto is now in discussions for fresh funding at a likely $2.5 billion valuation. It has held talks with the likes of General Atlantic, ADIA, among others.
Warburg buys majority stake in ophthalmic device company Appasamy
Warburg Pincus buys majority stake in Chennai's Appasamy Associates, a top Indian ophthalmic equipment and IOLs manufacturer. Appasamy CEO will continue to lead biz with support from promoter family
Dixon to buy majority stake in Transsion manufacturing unit
Dixon Technologies, India's top contract manufacturer, plans to acquire a majority stake in Ismartu India, a manufacturing unit of Chinese phone maker Transsion Holdings. Dixon will initially purchase 50.10% stake for Rs 238.36 crore in cash, with plans to eventually hold around 55% stake. The deal aims to boost India's role in the mobile phone ecosystem dominated by Chinese brands.
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