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When markets resume trading today, Adani Enterprises, Adani Wilmar, EaseMyTrip, will be in focus due to various related developments.
Adani Enterprises, Adani Wilmar, EaseMyTrip, ITC, Mazagon Dock Shipbuilders and Zomato
Adani Enterprises and Adani Wilmar
Adani Enterprises on Monday announced its decision to fully exit its 44% holding in Adani Wilmar, in a bid to shift focus on its infrastructure platforms. The exit will take place in two phases with the first being a stake sale to Wilmar International’s wholly-owned subsidiary, Lence Pte Ltd, and a partial divestment to meet public shareholding requirements.ITC
ITC will transfer cash and cash equivalent of Rs 1,500 crore to its demerged hotel business entity, ITC Hotels, to cater to its planned growth and contingency requirements, as per a shareholder presentation of the Kolkata-based conglomerate. The demerged ITC Hotels will undertake capital investments on renovations and on-going projects at 8-10% of its revenue. The hotel business will be demerged on January 1, 2025, and the record date is January 6 for purposes of determining the shareholders of ITC to whom equity shares of ITC Hotels would be allotted pursuant to demerger.
EaseMyTrip
Easy Trip Planners Promoter and Co-founder Nishant Pitti may sell his remaining 14.21% stake in the online travel platform on Tuesday, December 31 via lock deal. The share sale is estimated at Rs 780 crore.
The news was reported by moneycontrol.com, citing sources. The report revealed that Pitti could sell 50 crore shares at Rs 15.6 per unit.
Institutional investors such as CRAFT Emerging Market Fund PCC – Citadel Capital Fund, CRAFT Emerging Market Fund PCC – Elite Capital Fund, Multitude Growth Funds Limited, Nexpact Limited and Eminence Global Fund are likely to participate in the block deal, the report said.
Pitti had in September divested a 14% stake in the company for Rs 920 crore through open market transactions.
Mazagon Dock Shipbuilders
India’s defence ministry said on Monday it had signed a Rs 19.9 billion ($233 million) contract with Mazagon Dock Shipbuilders for technology that allows submarines to stay underwater for longer.
Zomato
Hyper-local e-commerce firm Magicpin, which is backed by online food delivery company Zomato, is planning to go public in 2025 and has initiated talks with investment banks and law firms to appoint advisors for the IPO, according to a report by Moneycontrol.
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