Large Transactions: Softbank leaves Zomato, GQG Partners purchases Rs 1,671.5 crore in GMR Airports Infrastructure
On December 8, SVF Growth (Singapore) Pte Ltd, the venture capital fund owned by Softbank of Japan, withdrew from Zomato, the massive meal delivery company, through open market transactions.
The remaining 9.35 crore equity shares were sold by SVF Growth (Singapore), according to data on bulk sales released by exchanges. At an average price of Rs 120.5 per share, these shares were sold for a total of Rs 1,127.5 crore.
It had previously sold 9.35 crore shares on October 20 of this year for an average price of Rs 111.2 per share. Zomato was struggling, down 1.4% to Rs 120.
Within the space of a few short weeks, two significant investors left the organization. From January, when the stock fell to its lowest point of the year, it rose 151 percent.
Madhabi Puri Buch: SEBI to have T+0 settlement trade by the end of March 2024
At the Global Economic Policy Forum in Delhi’s Bharat Mandapam, Madhabi Puri Buch, the Chairperson of SEBI, announced that the capital markets regulator Securities and Exchange Board of India (SEBI) is getting ready to implement same-day settlement of trades on the stock exchanges, also known as T plus zero (T+0) settlement, by the end of the current financial year 2023–24.
In India, deals are currently settled “T+1,” or one day following the start of the trade. T+0 would indicate same-day settlements, while rapid settlement would guarantee that trades are settled right away.
The question has been posed to the market regulator on previous occasions. Buch stated last month that SEBI expects the T+0 settlement norm to take effect by the end of March 2024 and the T+instantaneous settlement norm to take effect 12 months later.
In a deal worth Rs 940 crore, Max Healthcare would purchase Lucknow’s Sahara Hospital.
On December 8, the privately held healthcare provider Max Healthcare Institute Ltd. declared the finalization of a legally binding Share Purchase Agreement (SPA) for the purchase of a whole 100% interest in Starlit Medical Centre Pvt. Ltd. (Starlit) at a cost of Rs 940 crore.
The business notified stock exchanges that Starlit had signed a Business Transfer Agreement (BTA) with Sahara India Medical Institute Ltd for the purchase of a healthcare venture, which included the 550-bed Sahara Hospital, Lucknow, on a slump sale basis.
According to the statement, the sum owed to sellers and financial creditors is included in the Rs 940 crore total consideration.
The hospital is situated in Gomti Nagar, Lucknow, a posh residential and business district, on a roughly 27-acre plot of land. Situated in a 17-story structure with an approximate built-up area of 8.9 lakh square feet, it provides multidisciplinary medical care across multiple specialties, including neurology, gastroenterology, surgery, cardiology, pulmonology, and diagnostic services. On the same grounds, there is a Nursing College with more than 100 yearly admissions that provides GNM, BSc, and MSc programs.
NCLAT suspends NTPC’s CCI fine for failing to disclose the purchase of Ratnagiri Gas & Power shares.
A CCI ruling that fined state-owned power company NTPC for failing to disclose the purchase of 35.47 percent equity share capital in Ratnagiri Gas & Power Private Ltd. has been suspended by the National Company Law Appellate Tribunal (NCLAT).
On August 22, 2023, the Competition Commission of India fined NTPC Rs 40 lakh for failing to disclose that it had purchased 35.47 percent of the equity share capital of Ratnagiri Gas & Power Private Ltd (RGPPL). NTPC contested this before the NCLAT, an appellate body that oversees the Competition Commission of India’s (CCI) rulings.
A two-member panel halted the implementation of an order issued by the Competition Commission of India (CCI) and ordered that the case be scheduled for the next hearing on February 27, 2024, regarding NTPC’s appeal. The NCLAT ruling earlier this week stated, “The operation of the impugned order dated 22.08.2023 passed by the CCI shall remain stayed until next date of hearing.”
Within four weeks, NCLAT ordered CCI to respond to the NTPC appeal, and another four weeks later, the power producer was to file any response. Without informing the CCI, NTPC increased its shareholding in RGPPL from 25.51 percent to 60.98 percent by acquiring 35.47 percent of the equity share capital.
Tata intends to build a semiconductor plant in Assam for Rs 40,000 crore: CM
Chief Minister Himanta Biswa Sarma announced on Friday that the Tata Group intended to invest over Rs 40,000 crore to establish a semiconductor processing plant in Assam.
After talking with the state administration, Sarma said it has approached the Center for the final approval, and the approval is anticipated shortly. “We have some excellent news to share. According to Sarma, Tata Electronics Ltd. has filed an application to establish an electronic center at Jagiroad.
“They have submitted a proposal to the Government of India with an outlay of about Rs 40,000 crore,” he stated. About 55 kilometers separate Jagiroad in the Morigaon district from Guwahati, the capital city of the state.