Tag: rakesh jhunjhunwala

Star Health raises Rs 3,217 cr from anchor investors ahead of IPO, BFSI News, ET BFSI

Personal Finance

[ad_1]

Read More/Less


New Delhi, Star Health and Allied Insurance Company on Monday said it has raised a little over Rs 3,217 crore from anchor investors ahead of its IPO on Tuesday. The company has decided to allocate a total of 3,57,45,901 equity shares to 62 anchor investors at Rs 900 apiece, aggregating to Rs 3,217.13 crore, according to a circular uploaded on BSE website.

Monetary Authority of Singapore, Government of Singapore, Abu Dhabi Investment Authority, Morgan Stanley Asia (Singapore) Pte, Goldman Sachs (Singapore) Pte, BNP Paribas Arbitrage and Societe Generale are among the anchor investors.

In addition, SBI Life Insurance Company, HDFC Life Insurance Company and Edelweiss Mutual Fund have been allocated shares.

The initial public offering (IPO) comprises fresh issue of equity shares worth Rs 2,000 crore and an offer for sale of up to 58,324,225 equity shares by promoters and existing shareholders.

Those offering shares through the offer for sale are promoter and promoter group — Safecrop Investments India LLP, Konark Trust, MMPL Trust— and existing investors Apis Growth 6 Ltd, Mio IV Star, University of Notre Dame Du Lac, Mio Star, ROC Capital Pty Ltd, Venkatasamy Jagannathan, Sai Satish and Berjis Minoo Desai.

The public offer includes a reservation of shares worth Rs 100 crore for employees.

The issue, with a price band of Rs 870-900 a share will open for public subscription between November 30 and December 2.

At the upper end of the price band, the initial share-sale is expected to fetch Rs 7,249.18 crore.

Proceeds from the fresh issue would be used to augment the company’s capital base.

About 75 per cent of the issue size has been reserved for qualified institutional buyers (QIBs), 15 per cent for non-institutional investors and the remaining 10 per cent for retail investors.

Investors can bid for a minimum of 16 equity shares and in multiples thereof.

Star Health, leading private health insurer in the country, is owned by a consortium of investors like Westbridge Capital and Rakesh Jhunjhunwala.

At present, SBI Life Insurance Company, HDFC Life Insurance Company, ICICI Prudential Life Insurance Company and ICICI Lombard General Insurance Company are the few insurance companies which are listed on the stock exchanges.

Kotak Mahindra Capital Company, Axis Capital, BofA Securities India, Citigroup Global Markets India, ICICI Securities, CLSA India, Credit Suisse Securities (India) Private Limited, Jefferies India, Ambit, DAM Capital Advisors and IIFL Securities are the merchant bankers to the issue.

The equity shares of the company will be listed on the BSE and NSE.



[ad_2]

CLICK HERE TO APPLY

Leave a comment , , , , , , , ,

MFs sold YES Bank, Vodafone Idea; tweaked stakes in these Jhunjhunwala stocks, BFSI News, ET BFSI

Personal Finance

[ad_1]

Read More/Less


NEW DELHI: Domestic fund managers pared stakes in retail favourites Vodafone Idea and YES Bank, and tweaked their holdings in certain Rakesh Jhunjhunwala-backed companies, the monthly data for August suggest.

Data showed MFs held YES Bank shares worth Rs 137 crore as on August 31 compared with Rs 155 crore at the end of July. During the month, they trimmed their holding in the private lender to 15.15 crore shares from 17.67 crore shares. Retail and HNI investors owned 32.32 per cent stake in the lender at the end of the June quarter.

Vodafone Idea — where retail and HNI investors account for 17.73 per cent of the total 27.95 per cent public holding — also saw selling by mutual funds. These funds held 13.10 crore shares in the telecom operator as on August 31 compared with 30.04 crore shares as on July 31. In value terms, MFs now hold Rs 80 crore worth of Vodafone shares compared with Rs 248 crore shares earlier.

Lupin, where Rakesh Jhunjhunwala holds shares worth Rs 700 crore, was among the top MF buys for the month. Mutual funds held 5.92 crore Lupin shares as on August 31 compared with 5.13 crore in July. In value terms, they owned Rs 5,668 crore worth of Lupin shares compared with Rs 5,676 crore in July.

In Escorts, MFs held 88 lakh shares worth Rs 1,184 crore at August-end, against 73 lakh shares worth Rs 860 crore as of July-end. Jhunjhunwala owns about Rs 880 crore worth of Escorts shares as of today.

MFs sold YES Bank, Vodafone Idea; tweaked stakes in these Jhunjhunwala stocks
Jhunjhunwala, often called Big Bull, entered Indiabulls Housing and SAIL in the June quarter. While SAIL was the funds’ biggest sell in the largecap pack, Indiabulls Housing was their biggest buy in the smallcap pack, data compiled by ICICI Direct suggests.

MFs held Rs 1,962 crore worth SAIL shares at August-end, against Rs 2,987 crore at July-end. They owned Rs 344 crore worth Indiabulls Housing shares as of August-end, up from Rs 277 crore at July-end. Jhunjhunwala owns about Rs 700 crore worth of SAIL shares and just over Rs 200 crore worth of Indiabulls Housing shares.

MFs sold YES Bank, Vodafone Idea; tweaked stakes in these Jhunjhunwala stocks
Jubilant Ingrevia, another stock Big Bull has invested in, was on MFs’ sell radar. Funds cut their holding in this stock to Rs 38 crore from Rs 73 crore on a month-on-month basis. In Edelweiss Financial Services, mutual funds’ holding fell to Rs 55 crore from 95 crore.



[ad_2]

CLICK HERE TO APPLY

Leave a comment , , , , , , , ,

Rakesh Jhunjhunwala, Samir Arora file for mutual fund license, BFSI News, ET BFSI

Personal Finance

[ad_1]

Read More/Less


Months after Securities and exchange board of India relaxed norms, fintechs are making a beeline to apply for mutual funds. Four new companies have filed papers for mutual fund licenses in the last four months. Among these are two ace investors Rakesh Jhunjhunwala and Samir Arora.

Samir Arora’s Helios Capital Management and Rakesh Jhunjhunwala’s Alchemy Capital are among the four companies that have recently applied for the mutual fund status. It remains to be seen whether they get an approval for the same.

Apart from these two, Unifi Capital Private Limited and Wizemarkets Analytics Private Limited have applied for the mutual fund license.

Sebi in December paved the way for technology startups to enter the mutual fund business by waiving the profitability requirement, approved doing away with minimum promoter contribution toward further public offers (FPO), and also eased norms on investing in insolvent companies.

Before December, regulators required an entrant to have five years of experience in the financial services business, demonstrate three years of profitability, and maintain a net worth of Rs 50 crore.



[ad_2]

CLICK HERE TO APPLY

Leave a comment , , , , , ,