Bulk Deals: Mukul Agrawal Sells Stake in Microcap Laggard; Societe Generale Acquires Rs 76 Crore Stake in Sammaan Capital
ETMarkets.com reports significant movements in the stock market as French multinational bank Societe Generale has acquired shares of Sammaan Capital worth Rs 76 crore. This action follows the Reserve Bank of India’s (RBI) approval of the International Holding Company’s (IHC) acquisition of a controlling stake.
Key Details on Bulk Deals
– Sammaan Capital Acquisition:
– Societe Generale purchased 50.6 lakh shares at Rs 149.92 per share, reflecting a premium of 8% over the previous closing price of Rs 138.51 on the NSE.
– Following this transaction, the stock saw an increase of nearly 6%, closing at Rs 146.30.
– Investment by IHC:
– IHC will obtain a 66.65% controlling stake in Sammaan Capital, making this one of the largest investments by a Middle Eastern entity in India’s financial services.
– The investment, led by Avenir Investment RSC (controlled by IHC), is set to exceed Rs 8,850 crore via a preferential issue, resulting in Avenir holding approximately 41.23% after completion.
Mukul Agrawal’s Divestment in Microcap
Separately, prominent investor Mukul Agrawal divested his stake in Siyaram Recycling Industries, selling shares worth Rs 8 crore through a bulk deal. Here are the specifics of this transaction:
– Share Transaction:
– Agrawal sold 21 lakh shares at a price of Rs 38.20 each, a 4.3% premium over the last closing price of Rs 36.64.
– Today, the shares closed at Rs 38.28, showing a modest gain of 4.5%.
– Company Performance:
– Agrawal previously held 22 lakh shares, which accounted for a 10.10% stake in the company, as per the September shareholding data from BSE.
– The stock has unfortunately faced a 72% decline over the past year.
Conclusion
The recent bulk deals highlight significant movements among key players in the market, particularly with Sammaan Capital’s new developments under Societe Generale and Mukul Agrawal’s strategic divestment in a struggling microcap. As these transactions unfold, they provide insights into market trends and investment strategies worth noting. Keep an eye on further developments that could shape the future landscape of investments in India.