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Acquisitions & Mergers
Business News for CAT/XAT/M.B.A. aspirants
1. Acquisitions & Mergers - January 2024
2. Acquisitions & Mergers - February 2024
3. Acquisitions & Mergers - March 2024
4. Acquisitions & Mergers- April 2024
January 2024
Sony Terminates Merger Agreement with Zee Entertainment
Culver Max Entertainment Private Limited (CME), formerly known as Sony Pictures Networks India Private Limited (SPNI) has officially terminated its USD 10 Billion merger agreement with Zee
Entertainment Enterprises Limited (ZEEL).
Tata Power acquires 100% stake in Bikaner Special Purpose Vehicle
Tata Power has acquired a 100% equity stake in Bikaner III Neemrana II Transmission Limited, a special purpose vehicle (SPV), for Rs 18.6 crore. SPV was set up by PFC Consulting Limited which is
a subsidiary of Power Finance Corporation.
ICICI Venture to Sell its Entire 42% Stake in Theobroma Food Ltd
Mumbai (Maharashtra) based ICICI Venture Funds Management Company Limited has decided to sell its entire 42% paid-up share capital in Mumbai-based Theobroma Food Private Limited for Rs
1,200 crore.
Canada’s Brookfield set to Acquire ATC India for USD 2.5 bn
Canada-based Brookfield Asset Management(BAM) through its affiliate Data Infrastructure Trust(DIT) is set to fully acquire the Indian unit of American Tower Corporation (ATC) for an
enterprise value of around USD 2.5 Billion.
ACC Acquires Remaining 55% Stake in ACCPL at an Enterprise Value of Rs. 775 Cr
ACC Limited, a subsidiary of Adani-owned Ambuja Cements Limited, acquired the remaining 55% stake (valued at Rs 425.96 crores) in Asian Concretes and Cements Private Limited (ACCPL) from its
existing promoter at an enterprise value of Rs. 775 crores, making it a fully-owned subsidiary. The acquisition has been completely funded by internal accruals and includes cash and equivalents of Rs
35 crore with at Asian Concretes.
LIC Gets RBI Nod to Raise Up to 9.99% Stake in HDFC Bank
Life Insurance Corporation of India (LIC) has got the Reserve Bank of India (RBI)’s approval to raise its stake up to 9.99% in the Housing Development Finance Corporation (HDFC) Bank.
LIC to pick up to 10% equity stake in NHB promoted ‘RMBS’ entity
The Board of Directors of Life Insurance Corporation of India (LIC) approved the proposal to acquire up to 10% equity stake in a company promoted by the National Housing Bank (NHB). The investment
in the NHB promoted company would focus on residential mortgage-backed securities (RMBS).
General Insurance Company Limited (SGIC).
GoI Raises Rs.2500 By Disinvesting 3.5% Stake in NHPC Limited The Government of India (GoI) has raised about Rs.2500 crores through Offer for Sale (OFS) by disinvesting about 3.5% of paid-up share capital in NHPC Limited (erstwhile National Hydroelectric Power Corporation), which is a Mini Ratna Category-I Central Public Sector Enterprises (CPSE) under Ministry of Power(MoP). The Union Budget for financial year 2023-24 (FY24) had set a
disinvestment target of Rs 51,000 crore
Japan’s Softbank Sold Another 1.95% Stake in Paytm
Japan-based Softbank Group Corp has sold another 1.95% of paid-up share capital in Paytm’s parent company One97 Communications for approximately Rs 950 crore. This reduced Softbank’s
share in Paytm to 5.06% from 7.01%.
HDFC Bank Disposes 2.01% stake in CAMS for Rs.252.34 Cr
HDFC Bank Limited has sold 2.01% of the paid-up share capital in Chennai (Tamil Nadu) based Computer Age Management Services Limited (CAMS) for all cash consideration of Rs.252.34 crore.
This reduced the HDFC Bank’s shareholding in CAMS to 3.94% from 5.95%.
CCI Approves 100% Acquisition of GVK Power (Goindwal Sahib) Ltd by PSPCL
The Competition Commission of India (CCI) has approved the proposed acquisition of 100% shareholding of GVK Power (Goindwal Sahib) Limited by Punjab State Power Corporation Ltd
(PSPCL). Punjab has become the first state government to purchase a private thermal plant.
CCI Approved Acquisition of 30% Stake in Signet by IMCD India
The Competition Commission of India (CCI) has approved the acquisition of the remaining 30% paid up share capital in Mumbai(Maharashtra) based Signet Excipients Private Limited (Signet) by
Mumbai-based IMCD India Private Limited (IMCD India).
CCI Approves Amalgamation of Shriram LI Holdings with Shriram Life Insurance
The Competition Commission of India (CCI) has approved the proposed amalgamation of Shriram LI Holdings Private Limited (SLIH) with Shriram Life Insurance Company Limited(SLIC). The CCI has
approved the proposed amalgamation of Shriram GI Holdings Private Limited (SGIH) with Shriram
CCI Approvals on 23rd January 2024
The Competition Commission of India (CCI) has approved the following on 23rd January 2024.
1. Acquisition of around 38% of the paid-up share capital of M G Motor India Private Limited (Target), a wholly-owned subsidiary of Shanghai(China) based SAIC Motor, by JSW Ventures
Singapore Pte. Limited(Acquirer).
2. Acquisition of 100% equity share capital of Wistron Infocomm Manufacturing (India) Private Limited (Target) from SMS Infocomm (Singapore) Private Limited and Wistron Hong Kong
Limited by Tata Electronics Private Limited.
3. Merger of Bengaluru (Karnataka) based Fincare Small Finance Bank Limited (Fincare SFB) and Jaipur (Rajasthan) AU Small Finance Bank Limited (AU SFB) with AU being the merged entity.
4. Acquisition of shareholding in Religare Enterprises Limited (Target) by Puran Associates Private Limited, M.B. Finmart Private Limited, and VIC Enterprises Private Limited, Milky Investment and Trading Company.
CCI Approvals on 30th January 2024
The Competition Commission of India (CCI) has approved the following on 30th January 2024.
✓ Subscription of Compulsorily Convertible Preference shares of API Holdings Ltd by Goldman Sachs Schemes.
✓ Subscription of Compulsorily Convertible Preference shares of API Holdings Ltd by MacRitchie.
✓ Approval for Naspers Ventures to Invest in API
✓ Subscription of Compulsorily Convertible Preference shares of API Holdings Ltd by CDPQ
February 2024
HDFC Bank gets RBI Nod to Acquire up to 9.5% Stake in Six Banks
HDFC Bank Limited, India’s largest private lender, has received approval from the Reserve Bank of India (RBI) to acquire up to 9.5% stake each in six banks namely - Axis Bank
Limited, Suryoday Small Finance Bank Limited, ICICI Bank Limited, Bandhan Bank Limited, YES Bank Limited and IndusInd Bank Limited
HDFC Bank receives RBI approval for sale of 90.01% stake in HDFC Credila
Reserve Bank of India (RBI), has approved HDFC Bank Limited to sell 90.01% of issued and paid-up share capital in HDFC Credila Financial Services Limited (HDFC Credila), a wholly[1]owned subsidiary of the HDFC Bank. HDFC Bank will retain a 9.99% stake in HDFC Credila.
ICICI Bank Acquired Additional Stake of 1.41% in ICICI Lombard
ICICI Bank Limited has increased its stake in ICICI Lombard General Insurance Company (ILGIC) by acquiring an additional 1.41% paid-up share capital through an open market
transaction. The acquisition increased ICICI Bank’s stake to 49.32% from 47.91% (as of December 2023)
BFHL Secured IRDAI approval to Acquire Aegon Life Insurance
Bandhan Financial Holdings Limited (BFHL) has received the final approval from Insurance Regulatory and Development Authority of India (IRDAI) to acquire the 100% paid up share
capital of Aegon Life Insurance Company. Aegon Life Insurance is a joint venture (JV) of Aegon NV and Bennett, Coleman & Company Limited (BCCL), the owner and publisher of The
Economic Times.
LIC Increases Its Stake in SBI Cards to 5.02%
Life Insurance Corporation of India (LIC) has increased its paid-up share in SBI Cards & Payments Services Limited to 5.02% from 4.99%.
Japan's Mizuho Bank & its Subsidiary Set to Acquire 15% stake in Credit Saison India for Rs
1,200 crore
Japan’s Mizuho Bank Limited (a subsidiary of Mizuho Financial Group, Inc.) and a subsidiary of Mizuho Bank is set to invest upto Rs.1200 crore in Bengaluru (Karnataka) based Kisetsu
Saison Finance (India) Private Limited by acquiring about 15% of their paid-up share capital.
CCI Approvals on 6th February 2024
The Competition Commission of India (CCI) has approved the following on 6th February 2024.
✓ Acquisition of certain shareholding of Shadowfax Technologies Private Limited(SFX) by NewQuest Asia Fund IV (Singapore) Pte. Ltd.(TPG NQ).
✓ Acquisition of 70% stake in Kotak Mahindra General Insurance Company Limited by Zurich Insurance Company Ltd
✓ Acquisition of 100% shareholding of Interise Investment Managers Limited by the CIPH, AIL – II. and Ontario Inc.
CCI Approval on 13th February 2024
The Competition Commission of India (CCI) has approved the following on 13th February 2024.
✓ CCI has approved the Karachi (Pakistan) based Matrix Pharma Private Limited (Acquirer) to acquire 100% paid-up share capital in Hyderabad (Telangana)
based Tianish Laboratories Private Limited (Target).
CCI has approved Ahmedabad (Gujarat) based Adani Power Limited (APL) and Gurugram
(Haryana) based Dickey Alternative Investment Trust (DAIT) to jointly acquire 100% paid-up share capital in Chennai (Tamil Nadu) - based Coastal Energen Private Limited (CEPL).
CCI Approves Acquisition of up to 8.79% of share capital of Pricol by Minda
The Competition Commission of India (CCI) has approved the acquisition of up to ~8.79% of equity share capital of Coimbatore (Tamil Nadu) based Pricol Limited(Pricol) by Noida (Uttar
Pradesh) based Minda Corporation Limited(Minda).
CCI Gives INSCO its Green Channel Approval for Acquisition of HNGIL
The Competition Commission of India (CCI) has given INSCO (Independent Sugar Corporation) the green channel approval for proposed acquisition of Hindusthan National Glass & Industries
Limited (HNGIL).
CCI Approvals on 30th January 2024
The Competition Commission of India (CCI) has approved the following on 30th January 2024.
✓ Subscription of Compulsorily Convertible Preference shares of API Holdings Ltd by Goldman Sachs Schemes.
✓ Subscription of Compulsorily Convertible Preference shares of API Holdings Ltd by MacRitchie.
✓ Approval for Naspers Ventures to Invest in API
✓ Subscription of Compulsorily Convertible Preference shares of API Holdings Ltd by CDPQ
HDFC Bank gets RBI Nod to Acquire up to 9.5% Stake in Six Banks
HDFC Bank Limited, India’s largest private lender, has received approval from the Reserve Bank of India (RBI) to acquire up to 9.5% stake each in six banks namely - Axis Bank
Limited, Suryoday Small Finance Bank Limited, ICICI Bank Limited, Bandhan Bank Limited, YES Bank Limited and IndusInd Bank Limited
HDFC Bank receives RBI approval for sale of 90.01% stake in HDFC Credila
Reserve Bank of India (RBI), has approved HDFC Bank Limited to sell 90.01% of issued and paid-up share capital in HDFC Credila Financial Services Limited (HDFC Credila), a wholly[1]owned subsidiary of the HDFC Bank. HDFC Bank will retain a 9.99% stake in HDFC Credila.
ICICI Bank Acquired Additional Stake of 1.41% in ICICI Lombard
ICICI Bank Limited has increased its stake in ICICI Lombard General Insurance Company (ILGIC) by acquiring an additional 1.41% paid-up share capital through an open market transaction. The acquisition increased ICICI Bank’s stake to 49.32% from 47.91% (as of December 2023)
BFHL Secured IRDAI approval to Acquire Aegon Life Insurance
Bandhan Financial Holdings Limited (BFHL) has received the final approval from Insurance Regulatory and Development Authority of India (IRDAI) to acquire the 100% paid up share capital of Aegon Life Insurance Company. Aegon Life Insurance is a joint venture (JV) of Aegon NV and Bennett, Coleman & Company Limited (BCCL), the owner and publisher of The Economic Times.
LIC Increases Its Stake in SBI Cards to 5.02%
Life Insurance Corporation of India (LIC) has increased its paid-up share in SBI Cards & Payments Services Limited to 5.02% from 4.99%.
Japan's Mizuho Bank & its Subsidiary Set to Acquire 15% stake in Credit Saison India for Rs
1,200 crore
Japan’s Mizuho Bank Limited (a subsidiary of Mizuho Financial Group, Inc.) and a subsidiary of Mizuho Bank is set to invest upto Rs.1200 crore in Bengaluru (Karnataka) based Kisetsu Saison Finance (India) Private Limited by acquiring about 15% of their paid-up share capital.
CCI Approvals on 6th February 2024
The Competition Commission of India (CCI) has approved the following on 6th February 2024.
✓ Acquisition of certain shareholding of Shadowfax Technologies Private Limited(SFX) by NewQuest Asia Fund IV (Singapore) Pte. Ltd.(TPG NQ).
✓ Acquisition of 70% stake in Kotak Mahindra General Insurance Company Limited by Zurich Insurance Company Ltd
✓ Acquisition of 100% shareholding of Interise Investment Managers Limited by the CIPH, AIL – II. and Ontario Inc.
CCI Approval on 13th February 2024
The Competition Commission of India (CCI) has approved the following on 13th February 2024.
✓ CCI has approved the Karachi (Pakistan) based Matrix Pharma Private Limited (Acquirer) to acquire 100% paid-up share capital in Hyderabad (Telangana) based Tianish Laboratories Private Limited (Target).
CCI has approved Ahmedabad (Gujarat) based Adani Power Limited (APL) and Gurugram
(Haryana) based Dickey Alternative Investment Trust (DAIT) to jointly acquire 100% paid-up share capital in Chennai (Tamil Nadu) - based Coastal Energen Private Limited (CEPL).
CCI Approves Acquisition of up to 8.79% of share capital of Pricol by Minda
The Competition Commission of India (CCI) has approved the acquisition of up to ~8.79% of equity share capital of Coimbatore (Tamil Nadu) based Pricol Limited(Pricol) by Noida (Uttar Pradesh) based Minda Corporation Limited(Minda).
CCI Gives INSCO its Green Channel Approval for Acquisition of HNGIL
The Competition Commission of India (CCI) has given INSCO (Independent Sugar Corporation) the green channel approval for proposed acquisition of Hindusthan National Glass & Industries Limited (HNGIL).
March 2024
SBI Mutual Fund Acquires 3% Stake in Savita Oil Technologies
On 22nd March 2024, SBI Mutual Fund(MF) acquired a 3% stake, equivalent to 20.73 lakh equity shares, in Savita Oil Technologies Ltd, via a block deal. SBI MF bought the shares at an average price
of Rs. 408 apiece from its promoter entity Mehra Syndicate.
Standard Chartered Bank Sold a 7.18% stake in CDSL for Rs 1,266.48 crore
The Standard Chartered Bank sold its entire 7.18% stake in Central Depository Services (India) Ltd (CDSL) in a block deal worth over Rs 1,266.48 crore.
✓ CDSL was promoted in 1999 by the BSE (formerly Bombay Stock Exchange), along with banks such as State Bank of India, Bank of India, Bank of Baroda, HDFC Bank, Standard Chartered Bank
and Union Bank of India.
RIL buys 26% stake in Adani’s Madhya Pradesh Power Project
The Reliance Industries Limited (RIL), owned by Mukesh Ambani, has bought a 26% share in Gautam Adani's Madhya Pradesh power project and has agreed to use the 500 MW of electricity produced by the facility for captive use. The two billionaires are working together on a business project for the first time.
Warburg Pincus Sells Entire 2.25% Stake in IDFC First Bank
Warburg Pincus, a Private equity firm sold its entire 2.25% stake in IDFC (formerly Infrastructure Development Finance Company Limited) First Bank for Rs 1,195 crore through the open market transaction.
Note:Warburg Pincus sold its IDFC First Bank shares on the BSE (formerly Bombay Stock Exchange) through its affiliated Cloverdell Investment Limited.
ICICI Securities Delists its Share and Merges with ICICI Bank
The Industrial Credit and Investment Corporation of India (ICICI) Securities has received approval from shareholders to delist its shares to proceed with its merger with ICICI Bank, the parent company and main shareholder. As of March 28, 2024, ICICI Bank holds a roughly 75% stake in ICICI Securities.
HDFC Bank closes USD1.15bn Stake Sale in Education Finance Arm HDFC Credila
HDFC Bank sold its stake in HDFC Credila, its education finance arm, for Rs 9553 crore (USD 1.15 billion) to private equity firms BPEA EQT and ChrysCapital. This sale, announced in June 2023, was a regulatory requirement before the merger of Housing Development Finance Corp with HDFC Bank.
Tata Sons sold a 0.6% stake in TCS for over Rs 9,300 crore
Tata Sons, the holding company of Tata Group, sold around 2.02 crore shares (0.65% equity) in Tata Consultancy Services (TCS) in a block deal worth over Rs 9,300 crore. As of 26th March 2024, Tata Sons holds 71.9% of the stake in TCS.
Aditya Birla Finance to be Amalgamated with Aditya Birla Capital
The Board of Directors (BoD) of Aditya Birla Capital Limited (ABCL) has approved the Scheme of Amalgamation of Aditya Birla Finance Limited (ABFL), with ABCL. The scheme aims to make ABCL a large unified operating Non-Banking Financial Company (NBFC).
After the merger, Vishakha Mulye will be acting as Managing Director (MD) & Chief Executive Officer (CEO) whereas Rakesh Singh will assume the role as Executive Director (ED) and CEO (NBFC) of the merged amalgamated company.
RIL acquires Paramount Global's 13.01% stake in Viacom for Rs 4,286 crore
Reliance Industries Limited (RIL) acquired 13.01% of Paramount Global’s stake in Viacom18 Media Private Ltd for Rs 4,286 crore on a fully diluted basis. This acquisition has increased RIL's share in the Paramount Global from 57.48% to 70.49%.
CCI clears Ring Plus Aqua's 59% stake buy in Maini Precision Products
The Competition Commission of India (CCI) has granted approval to Ring Plus Aqua Limited's (RPAL) proposed acquisition of a 59.25% stake in Maini Precision Products Limited (MPPL) Under this, there will be acquisition of 59.25% shareholding in MPPL by RPAL, the acquisition of the entire shareholding of JK Files & Engineering Limited (JK Files) in JK Talabot Limited (JKTL) by a wholly owned subsidiary of Raymond Limited (New Company), and merger of RPAL, MPPL and the engineering business of JK Files into the New Company.
CCI approvals on March 12, 2024
On March 12, 2024, the Competition Commission of India (CCI) approves the following mergers:
✓ CCI approved the merger of a financial technology company, Garagepreneurs Internet Private Limited (GIPL) with the North East Small Finance Bank (NESFB).
✓ CCI also approved the acquisition of stake in Asian Institute of Nephrology and Urology Private Limited by TPG Growth V SF Markets Pte. Ltd. and Waverly Pte. Ltd. through Asia Healthcare Holdings Pte. Ltd.
CCI Approvals on 19th March 2024
On 19th March 2024, The Competition Commission of India (CCI) has approved the following,
✓ Acquisition of Kesoram Cement Business from Kesoram Industries Limited by UltraTech Cement Limited
✓ Acquisition of certain shareholding of Shriram Investment Holdings Private Limited (SIHL) by Shriram Ownership Trust(SOT).
CCI approvals on March 26, 2024
On March 26, 2024, the Competition Commission of India (CCI) has approved the following:
✓ CCI approves subscription to CCPS B of API Holdings by MEMG LLP and 360 ONE
CCI has approved the subscription to Compulsorily Convertible Preference Shares (CCPS) B of API Holdings Limited by MEMG Family Office LLP (MEMG LLP) and 360 ONE Private Equity Fund (Fund) through its investment manager, 360 ONE Asset Management Limited (AML).
✓ CCI approves 100% acquisition of Lanco Amarkantak Power Limited by Adani Power Limited
CCI approved acquisition of 100% equity share capital of Lanco Amarkantak Power Limited, a part of the Lanco Group, by Adani Power Limited, a part of the Adani Group.
CCI approvals on 2nd April 2024
The Competition Commission of India (CCI) has approved the following proposals on 2nd April 2024.
Acquisition of shares of MG Motor India Private Limited by IndoEdge India Fund- Large Value Fund (LVF) scheme.
Acquisition of CCPS in Northern Arc Capital Limited by International Finance Corporation (IFC).
Acquisition of Nagarjuna Fertilizers and Chemicals Limited (NFCL) Assets and 100% shareholding of Greenko ZeroC Private Limited (ZeroC) by AMG India.
Acquisition of 10.39% of Annapurna Finance and subscription to its certain debentures by Piramal Alternatives Trust.
Acquisition of 100% equity stake of Sharekhan Limited and Human Value Developers Pvt. Ltd collectively by Mirae Asset Capital Markets (India) Pvt. Ltd. and Mirae Asset Securities Co. Ltd. respectively.
Subscription of CCPS of Pritam International Pvt. Ltd. by India Advantage Fund S5 I, HCL Corp, Mirabilis Investment Trust, Aashil Apurva Shah and Ansh Ashit Shah.
Subscription to 14,25,79,161 equity shares of Max Life Insurance Company Limited by Axis Bank Limited.
F1 owner Liberty Media acquires MotoGP owner Dorna Sports
The Liberty Media Corporation(Liberty Media) has signed an agreement to acquire approximately 86% of Dorna Sports, S.L.(Dorna), the exclusive commercial and television rights holder of MotoGP(Grand Prix motorcycle racing), from Bridgepoint and Canada Pension Plan Investment Board (CPP Investments).
Hinduja Group Firm Gets SEBI Approval for Ownership Change of Reliance Wealth
The Securities and Exchange Board of India (SEBI) has given its approval to Hinduja Group-owned Asia Enterprises for a change of control in Reliance Wealth Management Limited under SEBI's regulations governing investment advisers and portfolio managers.
SEBI also approved an application for a proposed change in control at Reliance Securities under regulations governing research analysts and investment advisors.
IndusInd International Holdings Acquires 60% Stake in Invesco Asset Management India
IndusInd International Holdings Limited (IIHL), the Mauritius-based Investment Holding Company of the Hinduja Group, has acquired a 60% stake in Invesco Asset Management India (IAMI).
This acquisition is part of the agreement to form a Joint Venture(JV) in which IIHL will hold 60% and IAMI will hold 40% and both will have sponsor status.
Larsen & Toubro Concludes Divestment of its Entire Stake 51% in L&T IDPL
On April 11 2024, Larsen & Toubro (L&T) has announced the completion of divestment of L&T Infrastructure Development Projects Limited (L&T IDPL), a joint venture between Larsen & Toubro Limited and the Canada Pension Plan Investment Board (CPP Investments) holding 51% and 49% shares respectively
Bain Capital Sells 1.08% Stake in Axis Bank for Rs 3,575 crore
The private equity firm Bain Capital sold the remaining 1.08% stake in Axis Bank for Rs 3,575 crores via an open market transaction. The transaction involved the sale of 33.37 million shares at Rs. 1,071 per share on the BSE (formerly Bombay Stock Exchange).
CCI Approvals on 16th April 2024
The Competition Commission of India (CCI) approved the following proposed combinations on 16th April 2024.
Acquisition of stake in PAMP Technologies (India) Private Limited(PAMP Technologies) and MMTC PAMP India Private Limited(MMTC PAMP) by PAMP Ventures SA (PAMP Switzerland).
Acquisition of shareholding of Thyssenkrupp Industries India Private Limited by Protos Engineering Company Private Limited (Protos) and Paharpur Cooling Towers Limited (Paharpur).
BNP Paribas to Buy Fosun's 9% Stake in Belgian Insurer Ageas for about 730 Million Euros
BNP Paribas, the largest bank in the eurozone, has agreed to acquire 9% shareholding in Belgian insurer Ageas from China's Fosun Group for about 730 million Euros . BNP Paribas Cardif, the insurance division of BNP Paribas financial group, spearheads the acquisition. With this BNP Paribas will become the biggest shareholder of Ageas
CCI approves Subscription to CCDs of Napino Auto and Electronics by IFC
On 23rd April 2024, the Competition Commission of India (CCI) approved the subscription to Compulsory Convertible Debentures (CCDs) of Napino Auto and Electronics Limited (Napino) by the International Finance Corporation (IFC).
ATC Telecom Infrastructure Sells Entire 2.87% Stake in Vodafone Idea for Rs 1,840 Cr
ATC Telecom Infrastructure Pvt Ltd sold its entire 2.87% stake in telecom operator Vodafone Idea Limited (Vi) for Rs. 1,840 crore through an open market transaction. Citigroup Global Markets Mauritius acquired over 49.12 crore shares, constituting a 0.98% stake in Vi, at an average price of Rs 12.70, amounting to Rs 623.88 crore.
Vi raised Rs 18,000 crore through an FPO, subscribed 6.36 times, with strong global institutional investor demand.