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Posted On:
20-06-2024

WestBridge Capital sells 1.7% stake in AU Small Fin Bank for Rs 845 cr

Private equity firm WestBridge Capital divested on Wednesday a 1.7 per cent stake in the AU Small Finance Bank for Rs 845 crore through an open market transaction. WestBridge Capital, through its affiliate Westbridge AIF I, sold shares of the Jaipur-based AU Small Finance Bank through a bulk deal on the National Stock Exchange (NSE).As per data available, Westbridge AIF I offloaded 1.30 crore shares, amounting to a 1.75 per cent stake in AU Small Finance Bank. The shares were disposed of at an average price of Rs 650.08 apiece, taking the transaction value to Rs 845.10 crore.After the stake sale, the shareholding of WestBridge Capital in the AU Small Finance Bank has declined to 2.07 per cent from 3.82 per cent. Meanwhile, Goldman Sachs Investments Mauritius I picked up 43.34 lakh shares of the AU Small Finance Bank at an average price of Rs 650 per piece. This took the deal value to Rs 281.71 crore. Details of other buyers of the AU Small Finance Bank shares could not be ascertained. Shares of the AU Small Finance Bank fell 1.25 per cent to close at Rs 656.20 apiece on the NSE.
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Posted On:
20-06-2024

India to become NetApp's top Apac market in 3-5 years: VP Puneet Gupta

With India emerging as a global leader in AI adoption, it is poised to become the largest market in the Asia-Pacific region in the next five years for intelligent data infrastructure company NetApp, a top company official said on Wednesday. India has emerged as the global leader in AI implementation with 70 per cent of companies having AI projects implemented or in planning, surpassing the global average of 49 per cent, said Puneet Gupta, VP and MD, NetApp India/SAARC, citing the company's recent report. The second annual NetApp Cloud Complexity Report, which examines how technology leaders worldwide are deploying AI at scale, surveyed 1,300 top-level IT executives from key markets across the world, including India, the US, the UK, France, Germany, Spain, Australia/New Zealand, Japan, and Singapore. The report revealed that a significant 91 per cent companies in India plan to use half or more of their data to train AI models in 2024, thus indicating a strong commitment to leveraging data for AI innovation. India has shown a proactive approach to create intelligent infrastructure, with more than 85 per cent of Indian companies optimising their IT environments for AI, the report said.
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Posted On:
22-06-2024

WestBridge Capital divests 1.2% stake in Indiamart for Rs 190 crore

Private equity firm WestBridge Capital on Friday offloaded a 1.2 per cent stake in IndiaMART InterMESH for Rs 190 crore through open market transactions. WestBridge Capital, through its affiliate WestBridge Crossover Fund LLC, sold shares of IndiaMART InterMESH, an online B2B marketplace, through two separate block deals on BSE.As per the data available with BSE, WestBridge Crossover Fund LLC disposed of 7.3 lakh shares or a 1.2 per cent stake in IndiaMART InterMESH in two tranches. The shares were offloaded at an average price of Rs 2,601 apiece, taking the deal size to Rs 189.87 crore. These shares were purchased by SBI Mutual Fund and Morgan Stanley Asia (Singapore) at the same price. Shares of IndiaMART InterMESH gained 1.25 per cent to close at Rs 2,648.80 apiece on the BSE. In another block deal on the BSE, Rajat Agrawal, one of the promoters' of Gravita India, pared a 2 per cent stake in the company for Rs 191 crore. As per the block deal data available, Agrawal sold 14 lakh shares, amounting to a 2 per cent stake in Gravita India.
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Posted On:
22-06-2024

Signify aims double-digit growth from Indian business in 2024: CEO

Signify, formerly known as Philips Lighting, is targeting double-digit growth from its India business in 2024, a top company official has said. The company, which overall leads the Indian lighting market, also has plans to increase exports from India to other markets, playing a bigger role, Signify CEO and MD Sumit Joshi said."India is a very important market not because of the domestic market which we have, but also the role which India could play for the world for Signify is becoming far more important," Joshi told PTI. On the domestic market, in which Signify operates in the consumer segment (B2C) and the professional lighting solutions (B2B) vertical, he said the company has been able to "extend its leadership". When asked about the growth, Joshi said: "I think we will continue to do on the consumer part of the business on volume we will continue to grow. In the first half, we are growing in high single digits, hopefully after the budget during the festivals, the numbers will go up".
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Posted On:
22-06-2024

ONGC partners with Indian Oil to set up LNG plant in Madhya Pradesh

State-owned Oil and Natural Gas Corporation and Indian Oil Corporation have signed an agreement to set up a small-scale liquefied natural gas plant near the Hatta gas field in Madhya Pradesh. The memorandum of understanding (MoU) was signed on June 17, Oil and Natural Gas Corporation (ONGC) said in a statement.It has a gas discovery in the Vindhyan basin. Gas from it will be converted into liquefied natural gas (LNG) for transportation by trucks to consumers. "The establishment of the Hatta LNG plant will significantly enhance the Vindhyan Basin's status, upgrading it from a Category II to a Category I Basin," it said.India's sedimentary basins, covering a total area of 3.4 million square kilometres, are divided into three categories -- Category-I - which has hydrocarbon reserves and already producing; Category-II that have contingent resources pending commercial production, and Category-III with prospective resources awaiting discovery.
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