Disinvestment

IDBI Bank investors receive security clearance; await RBI approval

Central government and LIC are set to divest 61% stake amid strategic disinvestment drive. The govt aims to generate Rs 50,000 crore through asset monetisation this fiscal year

Fairfax India Holdings unit sells 9.7% stake in CSB Bank for $70 million

FIH Mauritius Investments is also the promoter of Thrissur-based CSB Bank

Rising repatriation

As worrying as the recent decline in gross foreign direct investment is the increasing pace of disinvestment

Reviving disinvestment

This must be a top priority for the next govt

Canada-based firm Fairfax offers all-cash deal to acquire IDBI Bank

IDBI Bank's disinvestment process began in October 2022, with LIC and the government selling their respective shares of 30.24% and 30.48%

Government CPSE dividend collection hits record high of Rs 61,149 crore

Dipam recorded total receipts of Rs 75,886 crore for both disinvestment proceeds and dividend collections

TDP MP urges Centre to review 100% equity divestment in Vizag Steel Plant

TDP Member of Parliament Kanakamedala Ravindra Kumar on Friday demanded that the Centre take steps for revival of Visakhapatnam Steel Plant and review its decision to divest government stake. He was speaking in Rajya Sabha during Zero Hour. The Cabinet Committee on Economic Affairs had in January 2021 given in-principle approval for 100 per cent strategic disinvestment of the government shareholding in RINL -- also called Visakhapatnam Steel Plant or Vizag Steel -- along with RINL's stake in its subsidiaries/joint ventures. "Subsequent to the decision of the government, there is much discontent among crores and crores of people of Andhra Pradesh. Employees and union of the plant are staging demonstrations and protesting against the decision. The request to reconsider the government decision has been made in different fora by people's representatives," Kumar said. He told the House that RINL was operating at 68 per cent of 6.3 MTPA capacity up to February 2023. Though the blast ...

Moving away from a disinvestment target: Dipam secy Tuhin Kanta Pandey

He said that of the Rs 30,000 crore miscellaneous receipt for FY24, the Centre expects to get about Rs 12,000 crore from asset monetisation and Rs 18,000 crore from disinvestment

Disinvestments slow, but govt keeps earning dividends from state-run firms

It has never happened that the budget estimate for dividends from such companies has failed

Disinvestment target for FY25 likely to be pegged below Rs 50,000 cr: Icra

Interim Budget 2024: For FY24, the Centre had set a disinvestment target of Rs 51,000 crore but has only been able to meet one-fifth of it so far

Disinvestment to miss target again in FY24, raises over Rs 4 trn in 10 yrs

With general elections on the horizon, the government's privatisation bandwagon has almost but stalled as a government wary of being accused of selling family silver opts for minority stake sales on stock exchanges over outright privatisation. The result -- the disinvestment target for current fiscal year is again likely to be missed. Big ticket privatisation plans such as that of Bharat Petroleum Corporation Ltd (BPCL), Shipping Corporation of India (SCI) and CONCOR are already on the backburner and analysts feel meaningful privatisation can happen only after April/May general elections. In the current fiscal, out of the budgeted amount of Rs 51,000 crore, about 20 per cent or Rs 10,049 crore has been collected through minority stake sales via IPO (Initial Public Offering) and OFS (Offer For Sale). Strategic sale of a host of Central Public Sector Enterprises (CPSEs), including SCI, NMDC Steel Ltd, BEML, HLL Lifecare and IDBI Bank, are in the pipeline for completion in the current

Adani Wilmar promoters to divest stake by 1.24% for Sebi compliance

Adani Commodities and Lence Pte, the promoters of the company, will be divesting part of their shareholding, Adani Wilmar said in an exchange filing

Promoter entities of Sapphire Foods divests 5.9% stake for Rs 530 crore

Two promoter entities of Sapphire Foods India on Monday pared a 5.9 per cent stake in the restaurant operator for Rs 530 crore through open market transactions. Samara Capital Partners Fund II Ltd and Sapphire Foods Mauritius were the entities that sold the shares of Sapphire Foods India Ltd (SFIL). SFIL is an omnichannel restaurant operator and the largest franchise of Yum Brands such as KFC, Pizza Hut, Taco Bell etc in India and Sri Lanka. According to the bulk deal data available with the BSE, Samara Capital Partners Fund II offloaded 4,49,999 shares and Sapphire Foods Mauritius disposed of 33,37,423 shares, amounting to 0.71 per cent and 5.24 per cent stake, respectively, in Sapphire Foods. The shares were sold at an average price of Rs 1,400 apiece, taking the transaction value to Rs 530.24 crore. After the latest transaction, Samara Capital Partners Fund II exited the firm by selling 4.49 lakh shares, representing a 0.71 per cent stake in SFIL. Also, another promoter entity

Softbank divests 2.5% stake in Policybazaar's parent firm worth Rs 914 cr

Japanese conglomerate Softbank's arm Svf Python II (Cayman) on Friday divested a 2.5 per cent stake in Policybazaar's parent firm PB Fintech for Rs 914 crore through open market transactions. HDFC Mutual Fund (MF), Mirae Asset MF, ICICI Prudential Life Insurance, Societe Generale, Capital Group, The Master Trust Bank of Japan, Government Pension Fund Global, Goldman Sachs, and China's Best Investment Corporation, among others, were the buyers of the shares. Following the share sale, shares of PB Fintech fell 2.31 per cent to close at Rs 789.45 apiece on the BSE. Svf Python II (Cayman) Ltd offloaded a total of 1,14,21,212 shares in 10 tranches, amounting to 2.54 per cent, in PB Fintech, as per the block deal data available with the BSE. The shares were sold at an average price of Rs 800.05 apiece, taking the aggregate deal value to Rs 913.75 crore. After the latest transaction, Softbank's shareholding has declined to 1.85 per cent from 4.39 per cent stake in PB Fintech. In October

Not evaluating any divestment options for API business, says Biocon

Biotechnology major Biocon on Friday said it is not evaluating divestment options for its API business. In a regulatory filing, Bengaluru-based company said it is "neither evaluating any divestment options for its API business nor consulting any bankers for this." The Active Pharmaceutical Ingredient (API) business is a strategic business segment of the company and a key growth driver for the company's small molecules business, a company spokesperson said. "Biocon continues to strengthen this business and has an ongoing investment of over half a billion dollars in capex and R&D," the filing said. The company has a strong pipeline of niche fermentation-based APIs, peptides and high potent API products for the near- and long-term growth of its integrated APIs and generic formulations business, it said. Biocon shares on Friday ended 1.25 per cent down at Rs 251.60 apiece on the BSE.

FinMin to empanel bankers, law firms for OFS disinvestment, dribbling

The Finance Ministry has invited bids for the empanelment of merchant bankers and legal advisors for assisting the government in CPSE disinvestment transactions undertaken through OFS and stock market dribbling. The bids have been invited in four categories -- A++, A+, A and B, based on the size of the transaction. To be eligible for empanelment in the A++ category, which is an OFS transaction size of more than Rs 2,000 crore, interested merchant bankers would be required to have completed at least one equity market transaction of the size of Rs 2,000 crore. For empanelment for managing OFS transaction size of Rs 750 crore to Rs 2,000 crore (A+), and less than Rs 750 crore (A), the interested merchant banker would be required to have managed at least one capital market transaction of Rs 750 crore and Rs 500 crore respectively between April 2020 and till now. In the fourth category, which is B, interested merchant bankers would be involved in the sale of CPSE shares on the stock ...

Govt to sell 8% stake in IRCON International through offer-for-sale

The plan is to offload 37.6 million equity shares, of face value of Rs 2 each-representing 4 per cent of the company for non-retail investors on Thursday

Adani Group to take call on Wilmar JV stake divestment in three months

"We are currently studying whether to keep or divest Wilmar stake," group CFO said

Fairbridge Capital to sell up to 8.5% stake in Thomas Cook India via OFS

The promoter will sell an additional 0.8 million shares, representing a 1.7 per cent stake, in case of oversubscription of the offer

IDBI Bank stake sale may not be completed by March 2024: Govt official

The stake sale in IDBI Bank may not be completed by March 2024, a senior government official said on Thursday. Department of Investment and Public Asset Monetisation (DIPAM) Secretary Tuhin Kanta Pandey said the transaction is "on course" but there are aspects like the RBI's fit and proper criteria which need to be complied with. "We practically don't think that before March, we can conclude it (IDBI Bank stake sale)," Pandey told reporters on the sidelines of an event organised by industry grouping Ficci here. He was answering a question on whether the department will be able to achieve the target of raising Rs 51,000 crore from disinvestments this fiscal. The government, which owns over 45 per cent stake in IDBI Bank, and life insurance behemoth LIC, which has a 49.24 per cent shareholding, have jointly decided to sell 60.7 per cent stake in the lender. Pandey said that achievement of the divestment target is contingent upon important transactions like the one involving sale of