Vodafone Sells 18% Stake in Indus Towers for Rs 15,300 Crore

Hello,
Markets were mixed as banking stocks skyrocketed yesterday. Vodafone confirmed an 18% sale stake in Indus towers for more than 15,000 crore, Axis Bank acquired an additional stake in Max Life Insurance for Rs 366 crore and SBI plans to raise 20,000 crore to finance infrastructure projects.

Markets📊 
As of 19/06/2024 Market Close

• Benchmark equity indices Sensex and Nifty ended flat on Wednesday after reaching new lifetime highs during the session. The emergence of profit-taking and the absence of immediate triggers led to this outcome.

• In a volatile trading environment, profit booking in consumer durables, capital goods, and energy shares offset strong gains in banking and financial stocks.

Notable Gainer & Loser📈📉 
Source: Moneycontrol

Zomato Ltd +4.98%

• Shares of Zomato rose by 5 percent following strong endorsements from brokerages regarding the company's plan to acquire Paytm's ticketing business.

• Target prices for Zomato have now reached as high as Rs 280, indicating a potential upside of 48 percent from the June 19 closing price.

Raymond Ltd (1.86%)

• Raymond shares dropped nearly two percent after the proxy advisory firm Institutional Investor Advisory Services advised shareholders to vote against the re-election of Gautam Singhania as Chairman and Managing Director (CMD) ahead of the firm's AGM scheduled for June 27.

Yesterday’s Highlights📒 

• National Highways Authority of India (NHAI) plans to offer 15 projects worth Rs 44,000 crore ($5.27Bn) under the Build-Operate-Transfer (BOT) mode in the fiscal year 2025. (BS)

• Vedanta plans to invest Rs 41,000 crore ($5Bn) in decarbonization efforts and aims to achieve net neutrality by 2050. (ET)

• The Cabinet has approved a Viability Gap Funding (VGF) scheme for offshore wind energy with an outlay of Rs 7,453 crore ($893Mn). (ET)

• The Cabinet has approved Rs 2,869 crore ($343Mn) for the development of the Varanasi airport. (ET)

• Gland Pharma's promoter Fosun has divested a 6% stake for Rs 1,754 crore ($210Mn) through a bulk deal. (BS)

• The Asian Development Bank (ADB) has approved a Rs 1,418 crore ($170Mn) loan to bolster the health sector in India. (BS)

• The RBI has invited applications for the recognition of Self-Regulatory Organizations (SROs) for NBFCs. (ET)

• Volvo Construction Equipment (CE) India's Managing Director plans to double their market share in the country. (ET)

• Tata Motors is set to raise the prices of its commercial vehicles by up to 2% starting from July. (BS)

• Gensol Engineering has secured another Battery Energy Storage System (BESS) project from GUVNL (Gujarat Urja Vikas Nigam Limited). (ET)

• The Competition Commission of India (CCI) has approved WeWork Inc's exit from the Indian co-working space market. (EN)

• Banks have brought the issue of ATM shortage to the attention of the Government and the Reserve Bank of India (RBI). (ET)

IPO / FPO / Issuances🚀 

• Ami Organics has launched a Qualified Institutional Placement (QIP) with a floor price of ₹1,228, aiming to raise ₹500 crore ($59Mn). (BS)

• Akme Fintrade's IPO was oversubscribed 3 times on the first day of its offering. (Moneycontrol)

• DEE Development's IPO, the issue was oversubscribed 2.51 times on the first day, with High Net Worth Individuals (HNIs) leading the subscription. (Moneycontrol)

This week’s mainboard IPO schedule

• DEE Development Engineers (RHP)

  • Offering Period: 19-21 June, 2024

  • Listing Date: 26 June, 2024

  • Issue Price: 193-203

  • Lot Size: 73

• Akme Fintrade (RHP)

  • Offering Period: 19-21 June, 2024

  • Listing Date: 26 June, 2024

  • Issue Price: 114-120

  • Lot Size: 125

• Stanley Lifestyles (RHP)

  • Offering Period: 19-21 June, 2024

  • Listing Date: 28 June, 2024

  • Issue Price: 351-369

  • Lot Size: 40

Deal Activity🤝 

M&A / Investments

• Vodafone has sold an 18% stake in Indus Towers for Rs 15,300 crore ($1.83Bn). (BS)

• Zurich Insurance Company has completed the acquisition of a 70% stake in Kotak General Insurance for Rs 5,560 crore ($666Mn). (BS)

• Warburg Pincus is reportedly in talks to invest Rs 833 crore to Rs 1,250 crore ($100-150Mn) in the SaaS startup Whatfix. (YS)

• Morgan Stanley PE Asia Fund has invested ₹500 crore ($60Mn) in Omega Hospitals. (ET)

• Axis Bank has acquired an additional stake in Max Life Insurance for Rs 336 crore ($40Mn). (BS)

• Nisus Finance has invested Rs 155 crore ($18.6Mn) in an affordable housing project in Surat. (ET)

• Aditya Birla’s TMRW has invested Rs 125 crore ($15Mn) in WROGN, a brand backed by Virat Kohli. (EN)

• JM Financial Private Equity has invested Rs 40 crore ($4.8Mn) in the farm equipment maker Modish Tractoraurkisan. (ET)

• Bharti Airtel has acquired an additional 1% stake in Indus Towers, increasing its stake in the tower company to 48.95%. (ET)

• ZF Group, a German auto component supplier, has sold a 7.5% stake in its Indian subsidiary. (ET)

Debt

• SBI plans to raise up to Rs 20,000 crore ($2.39Bn) through long-term bonds to finance infrastructure projects. (BS)

• GVFL's seed-stage-focused Prarambh Fund has achieved its first close at Rs 100 crore ($12Mn). (EN)

• AVIOM Housing Finance has raised Rs 41 crore ($5Mn) in debt from the InsuResilience Investment Fund. (Inc42)

Funds

• BPEA Credit has launched a Rs 750 crore short-term income fund. (YS)

VC🤑

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