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BNP Paribas Cardif offloads 5% in SBI Life via open market sale

BNP Paribas Cardif, the French insurer, has sold a 5 per cent stake, or a little over 50 million shares, in private sector life insurer SBI Life for Rs 4,556.7 crore at Rs 911 a share in an open market sale. In a disclosure to exchanges, SBI Life said the foreign promoter of the company sold 4.99 per cent, equivalent to 5,00,03,480 equity shares on March 12, 2021, through the open market process. With this, the shareholding of the French insurer has come down to 0.2 per cent in SBI Life. Before the sale of shares, BNP Paribas Cardif held 5.2 per cent stake in SBI Life, with the country’s largest lender State Bank of India (SBI), the promoter of the company, holding more than 55 per cent stake. Among the buyers, the government of Singapore bought 1.68 per cent stake for Rs 1,533.5 crore at Rs 915 a share. And, BNP Paribas Arbitrage bought 0.9 per cent for Rs 820 crore at Rs 910 per share.

Govt to sell 16.12% stake in Tata Comm through OFS, rest to Tata Sons arm

The government will sell its entire stake in Tata Communications through an offer for sale and the rest to Tata Son's investment arm Panatone Finvest Ltd, according to a regulatory filing. Currently, the government holds 26.12 per cent stake in Tata Communications, Panatone Finvest Ltd 34.8 per cent and Tata Sons 14.07 per cent, respectively. "Tata Communications Ltd has today (Friday) signed an amendment agreement between the President of India, Panatone Finvest Ltd, Tata Sons Private Ltd and the company for sale of the entire shareholding in the company by the Government of India," Tata Communications Ltd (TCL) said in the BSE filing on Friday.

SBI Cards gets board approval to raise up to Rs 2,000 cr via bonds

SBI Cards and Payment Services Ltd (SBI Card) on Friday said it has received the board's nod to raise up to Rs 2,000 crore by issuing bonds. "The board of directors of the company, at its meeting held today (Friday), has approved raising of funds by way of issuance of non-convertible debentures (NCDs) aggregating to Rs 2,000 crore," it said in a regulatory filing. The company said it will raise the money in one or more tranches over a period of time.

Tata seeks CCI nod to acquire up to 64.3% stake in BigBasket

Indian conglomerate Tata Sons plans to buy a majority stake in Alibababacked online grocery seller BigBasket, a filing with the country's antitrust body showed on Friday. The deal, if approved, would put Tata - a more than 150-year-old group with interests in everything from luxury cars to software - in direct competition with Amazon, Walmart's Flipkart and an upstart grocery service from Reliance Industries, backed by billionaire Mukesh Ambani. In the filing with the Competition Commission of India, Tata Digital Ltd, a wholly owned unit of Tata Sons, proposed to buy 64.3 per cent of an entity that runs business-to-business sales for BigBasket.

Adani Transmission wins Rs 1,300-crore power transmission project in MP

Adani Transmission (ATL) won an intra-state power transmission project in Madhya Pradesh for Rs 1,300 crore in the tariff-based competitive bidding held by REC Power Transmission Company (RECTPCL),said sources. The other bidders in the race were Sterlite Power, Dilip Buildcon, stateowned Power Grid Corporation of India (PGCIL), and Torrent Power. The tender was floated by RECTPCL, an arm of Rural Electrification Corporation of the ministry of power.

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