On Tuesday, WestBridge Capital divested a 1.5 percent stake in AU Small Finance Bank, amounting to ₹736 crore through open market transactions. As per BSE’s bulk deal data, WestBridge Capital, via its affiliate WestBridge AIF I, sold 1,08,95,517 shares at an average price of ₹676.06 per share. In a significant development, Jaipur-based AU Small Finance Bank has also applied to the (RBI) to transition into a universal bank. This application coincides with the bank’s ongoing integration with Fincare SFB following their merger announcement on April 1.
AU Small Finance Bank:
- GIC: Through an offer for sale (OFS), the government has suggested selling 6.78 percent of General Insurance Corporation (Re) of India, with a floor price of ₹395 per share. The estimated ₹4,701 crore OFS will be available for subscription by non-retail investors on Wednesday and retail investors on Thursday. For qualified personnel, the issuance consists of 50,000 equity shares and a green shoe option.
- Cipla: Due to age and health issues, M.K. Hamied has resigned as Vice Chairman of Cipla, effective October 29. Kamil Hamied will become a Non-Executive Director of the board on November 1, 2024, to guarantee leadership continuity.
- SpiceJet: DIAL, the airport operator in Delhi, has pressured SpiceJet to pay its debts. SpiceJet maintains that it is meeting its payment commitments on time despite this. The DGCA keeps a closer eye on the airline because of persistent legal and financial problems.
- KIMS: According to its most recent exchange filing, KIMS has set September 13, 2024, as the record date for its 5-for-1 stock split. The dividend shares will be distributed to the shareholders listed as of this date.
- Zee Entertainment Enterprises: Subhash Chandra’s appeal against SEBI for alleged misappropriation of funds has been postponed by the Securities Appellate Tribunal (SAT). The hearing is scheduled to begin later in September, and Chandra has accused SEBI of corruption and asked for more time to prepare his defense. The Registrar of Companies (ROC) in Mumbai and the Ministry of Corporate Affairs have granted ZEEL permission to postpone its 42nd Annual General Meeting (AGM) until the fiscal year that ends on March 31, 2024.
- Exicom Tele Systems: At an average price of ₹348.6, RARE Enterprise, connected to the late Rakesh Jhunjhunwala, sold 15.85 lakh shares in Exicom Tele Systems.
- Jindal Stainless: At an average price of ₹730.05, Lotus Global Investments Limited sold 51.33 lakh shares of Jindal Stainless.
- Goldman Sachs Funds-Goldman Sachs India Equity Portfolio and HDFC Mutual Fund acquired 11.56 lakh and 31.06 lakh, respectively, at an average price of ₹611.7 per share, indicating significant purchasing activity at Medi Assist Healthcare Services.
