2020 Acquisitions & Mergers by AffairsCloud

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2020 Acquisitions & Mergers

Table of Contents
2020 Acquisitions & Mergers – January ........................................................................................................................ 3
2020 Acquisitions & Mergers – February ...................................................................................................................... 4
2020 Acquisitions & Mergers – March........................................................................................................................... 6
2020 Acquisitions & Mergers – April ............................................................................................................................. 8
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2020 Acquisitions & Mergers – January

HDFC gets requisite approval to hold a 51.2% stake in Apollo Munich Health Insurance Company
HDFC (Housing Development Financial Corporation) has received its requisite approvals from
Competition Commission of India (CCI), Reserve Bank of India (RBI) and Insurance Regulatory and
Development Authority of India (IRDAI) to acquire 51.2% stake in Apollo Munich Health Insurance
Company from Apollo Hospitals Enterprise Limited (AHEL) and other shareholders. After the
acquisition, Apollo Munich will be merged with and into HDFC Ergo, subject to approval from the
Mumbai bench of National Company Law Tribunal. IRDAI granted the approval under Section 6A of the
Insurance Act, 1938. The total value of the deal is Rs. 1,347 crore.
Mastercard acquires RiskRecon to strengthen its cybersecurity front

Mastercard, a leading global payments & technology company has acquired RiskRecon Inc, a leading
third-party cyber risk solutions provider, to protect its cyber systems & infrastructure. The acquisition
has been finalized for an undisclosed sum & is expected to be completed by early 2020. Under the deal,
RiskRecon will further promote Mastercard’s suite of cyber solutions designed to help financial
institutions, merchants & governments secure their digital assets.
Flipkart former CEO Sachin Bansal acquires DHFL General Insurance for Rs 100 crore
Former CEO (Chief Executive Officer) and co-founder of Flipkart Sachin Bansal has acquired DHFL
(Dewan Housing Finance Corporation Limited) General Insurance, Mumbai, Maharashtra from Wadhan
Group Capital (WGC) for around Rs.100 crore. WGC is the parent company of crisis-hit DHFL which has
been recently admitted for bankruptcy.The deal has been done via Navi Technologies for Rs.100 crore
formerly known as BAC Acquisitions Private Limited (BACQ) which Sachin Bansal has founded along
with IIT (Indian Institute of Technology) -Delhi batchmate Ankit Agarwal after selling his stake in
Flipkart.
Digital payment firm PayU India acquires Paysense for $185 mn

PayU India, a fintech company that provides payment technology to online merchants, has acquired
digital credit startup PaySense at an equity valuation of about $185 million (mn). After the acquisition,
PayU is also decided to merge its lending business Lazypay with PaySense.Also, Prashanth
Ranganathan, the founder and CEO of PaySense, will head PayU’s credit business in India as the CEO of
the new venture.
HDFC acquired Apollo Munich Health Insurance for Rs 1,495.81 crore; named as HDFC ERGO
Health Insurance Ltd
HDFC has completed the acquisition of majority stake in Apollo Munich Health Insurance for
Rs.1,495.81 crore, after approvals from the Competition Commission of India (CII), the Reserve Bank of
India (RBI) and the Insurance Regulatory and Development Authority of India (IRDAI). Now, Apollo
Munich Health Insurance company renamed as HDFC ERGO Health Insurance Ltd (HDFC ERGO Health)
and will operate as a subsidiary of HDFC.
Equifax inks pact to acquire 100 % stake in its Indian JV- Equifax credit information services for Rs 370
crore
Equifax Inc, a global information solutions company has signed a definitive agreement to acquire 100 %
stake in its Indian Credit information company, Equifax Credit Information Services Private Ltd (ECIS)
for Rs 370 crore. ECIS has worked as a joint venture (JV) between Equifax and leading Indian financial
institutions (FI) namely State Bank of India (SBI-7.41% stake), Bank of India (BOI-3.50 % stake), Kotak
Mahindra Prime Limited (5.56% stake), Union Bank of India (UBI-4.17% stake) and Bank of
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Baroda(BoB), Sundaram Finance Limited (10% each) since the year 2010. Following this deal, now all
the partners will exit from ECIS.
Food delivery startup Zomato acquires Uber Eats in all-stocks deal for $350 mn
Zomato, an Indian restaurant aggregator and food delivery startup has acquired Uber’s food delivery
business in India, Uber Eats in an all-stocks deal valued at about $350 million (Rs 2,485 crore). As a part
of the deal, Uber will now hold only 9.99 % shares of Zomato & UberEats will discontinue operations
and direct restaurants, delivery partners. Further, all of Uber Eats’ customers will be directed to Zomato
platform.
Adani group’s NBFC Adani Capital acquired Essel Finance’s MSME loan business
Non-Banking Financial Company (NBFC) of the Adani group, Adani Capital Pvt. Ltd has acquired Essel
Finance’s MSME (Ministry of Micro, Small and Medium Enterprises) loan business. The business has a
loan book of Rs 145 crore approximately. As on December 31, 2019, the overall lending book of Adani
capital and the housing finance business was Rs1,100 crore where the contributed Rs150 crore.
2020 Acquisitions & Mergers – February

India’s top refiner IOC acquires minority stake in Israeli battery developer Phinergy
Indian Oil Corporation Limited-IOC (commonly known as IndianOil), an Indian government owned oil
and gas company, has acquired a minority stake in Phinergy Ltd, an Israeli start-up company
specializing in battery development with the aim to make ultra lightweight metal-air batteries that can
be used in electric vehicles (EVs). Both firms also decided to adopt this technology in 3Ws, cars & buses
in future as well.
Cognizant Tech Acquires EI Technologies and Code Zero Consulting Companies

Cognizant technology solution corporation has made two strategic acquisitions EI technologies, a Paris-
based digital technology consulting company and Code Zero, Georgia-based consultancy for cloud-
based CPQ (Configure-Price-Quote) & Billing Solutions for the development of global salesforce practice
before its fourth Quarter Earnings. Code zero company provides cloud-based configure-price-quote and
billing solutions.
Energy major Total to acquire 50% in Adani’s solar portfolio for $510 mn
French energy major Total Gas & Power Business Services SAS (TOTAL) will acquire 50% stake in all
operational renewable energy projects of Adani Green Energy Ltd. (AGEL) for $510 million (Rs 3633
crore) along with other tools in a solar energy joint venture (JV) that will house 2,148 mw now
possessed by the Adani group firm.The remaining 50 % in the JV will be held by AGEL.
DoT okays merger of Bharti Airtel, Tata Teleservices

The Department of Telecommunications (DoT), a department of the Ministry of Communications has
approved the merger of consumer mobile operations of the Tata group –Tata Teleservices
(Maharashtra) with Bharti Airtel Limited (also known as Airtel). The merger will expand Airtel’s
spectrum footprint and 4G (4th Generation) coverage and its ability.
Emami Group Signs Binding Pact with Nuvoco Vistas for selling of its 100% stake in Emami
Cement
Emami Group announced the selling of its 100% equity stake in Emami Cement Limited, an Integrated
Cement Manufacturing plant for an amount of Rs. 5500 crores to Nuvoco Vistas Corporation limited,
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part of Nirma Group. The main objective of the deal is to become Debt-Free. Emami Cement has a debt
of Rs. 2,000-2,200 crores and loan against shares of Rs. 1,000 crores. After accruing Emami cements,
Nuvoco will become one of the leading companies in India, especially in Eastern Region. The transaction
is expected to be approved by the Competition Commission of India (CCI) in 3-4 months.
Cipla acquires 4 key brands from Wanbury for up to Rs 88.60 crore

Cipla pharmaceutical company in Mumbai, Maharashtra has acquired 4 brands from Wanbury
pharmaceutical company of Navi Mumbai, Maharashtra. Wanbury had received up to Rs.88.60 crore for
the sale of the brands to Cipla. The 4 brands acquired by cipla are CPink, CDense, Productive and
Folinine. This has been done to strengthen Cipla’s presence in the women’s health segment.
CCI approved joint venture between Mahindra & Mahindra and Ford Motor
The Competition Commission of India (CCI) approved the Joint Venture (JV) between Mahindra &
Mahindra and Ford Motor and transfer of automotive business of Ford India to JV. The proposed
combination envisages the formation of joint venture, called Ardour Automotive Private Limited,
between Mahindra & Mahindra (51%) (M&M) & Ford Motor (49%). In October 2019, Mahindra &
Mahindra and the US-based Ford Motor Company had signed an agreement to create a JV in India
valued at $275 million (Rs 1,925 crore).
Adani Transmission sold 25.1% stake in arm AEML to QIA for Rs 3,220 crore
Adani Transmission has sold 25.1% stake in its arm Adani Electricity Mumbai Limited (AEML) to Qatar
Investment Authority (QIA) for approximately Rs. 3220 crore. The agreements of the transactions were
signed on December 11, 2019. AEML has recently completed an investment grade, USD (United States
Dollar) 1 billion bond insurance.
NCLAT clears JSW Steel’s acquisition of Bhushan power for Rs 19,700 cr

The National Company Law Appellate Tribunal (NCLAT) has approved JSW Steel’s (formerly known as
Jindal South West) bid of Rs 19,700 crore for the acquisition of the bankrupt Bhushan Power and Steel
Ltd (BPSL). Also, EBITDA (earnings before interest, tax, depreciation and amortization) earned by BPSL
during its Corporate Insolvency resolution process will also be handed over to JSW Steel. However, the
lawsuits filed by the Enforcement Directorate (ED) under the Prevention of Money Laundering Act,
2002 may continue against Bhushan Power’s former promoters.
CCI approves acquisition of WABCO Holdings by ZF Friedrichshafen AG

Under Section 31(1) of the Competition Act, 2002, the Competition Commission of India (CCI) has
approved for the acquisition of WABCO (Westinghouse Air Brake Company) Holdings Inc.
by ZF (“Zahnradfabrik” which means Gear Factory) Friedrichshafen AG (Automotive industry in
Germany), As per the agreement, ZF will acquire 100% shares of WABCO for USD 136.50 per share
under all-cash transaction method for a total equity value of USD 7 billion (approximately Rs. 50,391
crores). ZF proposed the transaction to CCI under Regulation 25 (1A) of the Competition Commission of
India (Procedure regarding to the transaction of business relating to combinations) Regulations, 2011.
Twitter acquired Chroma Labs founded by Facebook veterans

Twitter has acquired California-based Chromo Labs for an undisclosed amount. Chromo Labs develop
tools for short-form video & photo creation and was founded by 7 Facebook and instagram workers in
2018. The Chroma Stories app let users fill in stylish layout templates and frames for posting collages
and Instagram stories, Snapchat etc. In 2019, Chroma Labs has enabled creators and businesses around
the world to create millions of stories with the Chroma stories app.
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GOVT approves merger of Indus Towers with Bharti Infratel

The Department of Telecommunication (DoT) of India has given Foreign Direct Investment (FDI)
approval for the merger of India’s largest mobile tower company Indus Towers with Bharti Infratel.
After the merger, the new Entity will become the world’s second largest Tower Company after China
tower Corporation Ltd in Beijing, China. Bharti Infratel the tower infrastructure arm of Bharti Airtel has
own 42% stake in Indus Towers and the United Kingdom based Vodafone holds 42%, Vodafone Idea
holds 11.15% and remaining 4.85% by a private equity firm.
CCI approves NTPC to acquire 100% of the issued & paid-up share capital of NEEPCO & 74.5%
stake of THDC India
The Competition commision of India(CCI) has given approval to state owned NTPC under Section
31(1)of the competition act,2002 to acquire 100% of the issued and paid-up share capital of North
Eastern Electric Power Corporation (NEEPCO) & 74.5% stake of Tehri Hydro development Corporation
limited (THDC), the rest 25.5% stake to be held by Uttar Pradesh government. NTPC will spend close to
Rs 15,000 crore to buy NEEPCO & THDC.
Crisil completed acquisition of 100% stake in Greenwich Associates

Rating Agency Crisil completed the acquisition of 100% stake in Greenwich Associates. The transaction
was announced on December 19, 2019. Greenwich is a leading provider of proprietary benchmarking
data, analytics and qualitative insights to financial services firms worldwide.
ONGC & HPCL acquires 34.56 % of bankers’ stake in Petronet MHB for Rs 371 crore
State-owned Oil and Natural Gas Corporation (ONGC) and its subsidiary Hindustan Petroleum
Corporation Limited (HPCL) acquired 17.28% stake each from 34.56 % of bankers’ stake in Petronet
MHB, the firm that owns a petroleum product pipeline in Mangalore, Karnataka for about Rs 371 crore.
A consortium of 8 public sector banks held 34.56 % while HPCL and its subsidiary ONGC (Oil and
Natural Gas Corporation) presently hold 32.72% stake each in PMHBL. The acquisition is expected to be
completed by March 31, 2020.
2020 Acquisitions & Mergers – March

NBCC gets NCLT approval to acquire Jaypee Infratech
The National Company Law Tribunal (NCLT) has approved the acquisition of debt-ridden Jaypee
Infratech Ltd (JIL) by NBCC (India) Limited (formerly National Buildings Construction Corporation
Limited). The Principal Bench headed by Acting President B S V Prakash Kumar approved the
resolution plan submitted by NBCC. With this approval, NBCC will complete the construction of 20,000
unfinished flats of JayPee in the next three and a half years.
Zomato acquires UberEats India for $206 million

According to the Uber’s recent regulatory filings, Zomato, an Indian restaurant aggregator and food
delivery startup has acquired Uber’s food delivery business in India, Uber Eats for $206 million, where
the investment was priced at $171 million, the balance $35 million was received as a reimbursement of
goods and services tax (GST) receivable from Zomato.
Highlights of CCI approvals on March 11, 2020

Competition Commission of India (CCI), a statutory body of the Government of India has approved the
following proposals on March 11, 2020. The approvals are:
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 The CCI has gave its nod to the acquisition of about 35 % equity stake in the paid-up equity
share capital of Teesta Urja Ltd (an Indian Non-Government Company) by Greenko Mauritius, a
wholly-owned subsidiary of Mauritius-based Greenko Energy Holdings. The approval was given
under Section 31(1) of the Competition Act, 2002.
 The CCI has gave its nod to the acquisition of additional equity shares in Hero FinCorp Limited
by Otter Limited (an investment company registered in Mauritius) & Link Investment Trust(a
private trust registered in India).
 The CCI has approved to establish Mindspace Business Parks REIT (also known as Mindspace
REIT),a real estate investment trust, by K Raheja Corp Group.
Bharti Airtel took 10% stake in fitness start-up Spectacom Global ltd
Bharti Airtel Limited (also known as Airtel), an Indian global telecommunications services company,
has acquired a 10 % equity stake in fitness start-up Spectacom Global Pvt Ltd, under its ‘Airtel Startup
Accelerator Program’, which focuses on supporting the growth of early-stage Indian startups. However,
the company did not reveal how much the deal is worth. With this acquisition, Spectacom becomes the
2nd firm to join the Airtel Start-up Accelerator Program after Bengaluru-based Vahan.
SBI acquired 6.825% stake of Zero Mass Private Limited

State Bank of India (SBI) has entered into an agreement on 16 March 2020 to acquire 6.825% (6, 825
equity share) stake in Zero Mass. As part of the deal, SBI has sold its entire stake in A Little World to the
Zero Mass. This is a no cash deal. The Deal will be completed by March 31, 2020. Zero Mass Pvt Ltd was
founded by Anurag Gupta on 2007, which is the 1st ever Business Correspondent in the country.
Ashok Leyland to acquire 19% additional stake in HLFL for Rs 1,200 cr

Indian Automobile company Ashok Leyland Ltd (ALL) has decided to acquire up to 19% additional
equity shares in Hinduja Leyland Finance Ltd (HLFL), the Non-Banking Finance Company (NBFC) part
of Hinduja group, from the existing shareholders, in tranches, for a consideration of up to Rs1,200 crore.
ALL also signed an additional share purchase agreement with Everfin Holding to acquire 3,28,14,401
equity shares (comprising 7% in the paid-up share capital of HLFL) for Rs 390.94 crore.
NTPC acquires Govt’s stake in THDC, NEEPCO for a total of Rs 11,500 Crore
NTPC (formerly known as National Thermal Power Corporation Limited), India’s largest energy
conglomerate, has inked a share purchase agreement (SPAs) worth of Rs 11,500 crore with the central
government. Under the deal NTPC acquired the latter’s 74.496 % equity stake in THDC India Ltd
(THDCIL) for Rs 7,500 crore & its 100% equity in North-Eastern Electric Power Corporation Limited
(NEEPCO) for Rs 4,000 crore respectively.
Chennai Port acquires centre’s 67% stake in Kamarajar Port for 2,383 crores
The Chennai Port Trust (ChPT) has acquired 67% stake held by the Central government in Kamarajar
Port Ltd (KPL) for an amount of Rs 2,383 crore. However, both the ports will function as separate
entities representing KPL as corporate firm & ChPT as trust, while deriving benefits in terms of
investments and operations.
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2020 Acquisitions & Mergers – April

IAG sold its 26% stake in SBI General Insurance for $310 mn
Insurance Australia General (IAG) has sold its entire 26% stake in the SBI (State Bank of India) General
Insurance Co Ltd for USD 310 million (about Rs 2,325 crore) to Napean Opportunities LLP (an affiliate
of Premji invest) – 16.01% stake and WP Honey Wheat Investment Ltd (Warburg Pincus Group) –
9.99% stake. SBI is the largest stake holder of SBI General Insurance with 70% stake.
HDFC Trustee company acquires 5.45% stake in SpiceJet

HDFC Trustee Company Ltd, a wholly-owned subsidiary of Housing Development Finance Corporation
Limited (HDFC), has acquired 3.4 crore shares or 5.45% stake in Indian low-cost airline SpiceJet.
Hindustan Unilever completes its merger with GSKCH India

Hindustan Unilever (HUL), India’s largest fast-moving consumer goods (FMCG) company, has
completed the merger of Glaxo SmithKline Consumer Healthcare Limited (GSKCH India) with itself.
Apart from this merger, HUL has also acquired the famous health drink brand Horlicks for India from
GSK for an amount of 375.6 mln Euro (Rs. 3045 Crore).
CCI approves Joint Venture between Adani Green Energy Limited and Total S.A
The Competition Commission of India (CCI) has approved the formation of Joint Venture (JV) between
Adani Green Energy Limited and French oil and gas company Total S.A. for solar power generation in
India. The proposed combination predicts that Adani Green Energy will transfer certain of its
subsidiaries to a newly incorporated company (JV) & then the total S.A. will acquire 50% of JV’s equity
share capital, either directly or indirectly.
Trishikhar ventures acquisition of 18.95 % stake in Religare health insurance gets CCI nod
The Commission of India (CCI), a non-departmental public body responsible for investigating mergers,
has approved the acquisition of 18.951 % equity stake in Religare Health Insurance Company Limited
(RHICL) by Trishikhar Ventures LLP under the green channel route. The approval was done under the
sub-section (2) of Section 6 of the Competition Act, 2002 (Act) read with regulation 5A of the
Competition Commission of India, Regulations, 2011.
CCI approves Hitachi’s acquisition of 80.1% stake in ABB’s power grid business
The Competition Commission of India (CCI) approved the proposed acquisition of 80.1% share capital
of ABB Management Holding AG by Japanese firm Hitachi Limited from Swiss company ABB Ltd, where
ABB Management will hold the entire power grid business of ABB. The acquisition values its grid
business at $11 billion (Rs 78,763 crore).
CCI approves 100% acquisition of GMR Kamalanga Energy Limited by JSW Energy Limited
The Competition Commission of India (CCI) has approved 100% acquisition of Grandhi Mallikarjuna
Rao (GMR) Kamalanga Energy Limited (Ltd) by Jindal South West (JSW) Energy Ltd under section 31(1)
of the Competition Act, 2002.
IndiGrid to acquire Gurgaon-Palwal Transmission Limited

The Board of the Investment Management of IndiGrid, India’s first Infrastructure Investment Trust
(InvIT) in the power sector, has approved the acquisition of Gurgaon-Palwal Transmission Limited
(GPTL), Sterlite power with a value of Rs 1,080 crore.
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Apple acquires Dark Sky weather app

Apple has acquired the weather app, named Dark Sky, which forecasts hyper-local weather predictions
and ability to minute by minute, its iPhone Operating System (iOS) app which costs USD 3.99 will not be
modified, and the Android and Wear OS app can’t be downloaded anymore. It has also updated its
branding on its website as ‘Dark Sky by Apple’.
China’s central bank increases its stake to 1% in HDFC; SAMA also bought 0.7% stake
China’s central bank named People’s Bank of China (PBOC) increased its stake in Housing Development
Finance Corp Limited (HDFC) to 1.01% from 0.8% on behalf of the Chinese sovereign wealth fund
named SAFE. Similarly, Saudi Arabian Monetary Authority (SAMA), the central bank of Saudi Arabia has
also picked up a 0.7% stake in HDFC on behalf of Saudi sovereign wealth fund.
CCI approves Emerald Sage Investment Ltd’s acquisition of 9.93% stake in Apollo Tyres Ltd
The Competition Commission of India (CCI) approved Emerald Sage Investment Limited (Emerald)’s-
‘acquirer’ proposed acquisition of 9.93% stake in Apollo Tyres Limited (Apollo)- ‘target’, where the
acquirer’s compulsory convertible preferred stock to be 10.80 crore, which is approximately 9.93% of
the post-issued paid-up share capital of the target company.
Novelis Inc. of Hindalco acquired US’s Aleris for $2.8 billion deal
Hindalco Industries Ltd. Of Aditya Birla group has acquired Aleris Corporation through its wholly
owned subsidiary US based Novelis Inc. for an enterprise value of $2.8 billion (Rs 21,295 crores).
Hindalco is now one of the world’s largest aluminium makers.
GP Global acquires lubricants assets of Nigeria’s Grand Petroleum

Gulf Petrochem (GP) Global, a leading energy-to-agriculture conglomerate, announced the acquisition of
the lubricant assets of Grand Petroleum which is part of the Nigerian Conglomerate the Nosak Group, to
expand and strengthen its presence in the African nation and western part of the continent.
ORIX acquires IL&FS’s 100% stake in IWPSL for Rs 6.05 cr

Japanese financial service group, ORIX Corporation has completed its acquisition of 100% stake in
IL&FS Wind Power Services Ltd (IWPSL) the wholly- owned subsidiary of Mumbai based Infrastructure
Leasing and Financial Services (IL&FS) for Rs 6.05 crore. The sale was cleared by NCLT (National
Company Law Tribunal) appointed Justice D K Jain, who oversaw the reconciliation process of the
group companies.
TVS motor acquires 122-year-old UK-based firm Norton motorcycles for Rs 153 cr
TVS Motor Company Ltd, an Indian multinational motorcycle company, has acquired the 122-year-old
iconic British company Norton Motorcycle (UK) Ltd for Rs 153 crore (£16 million). TVS has also tied up
with BMW Motorrad i.e. BMW G 310R and BMW G 310 GS are being manufactured at the TVS plant
itself. Along with this, TVS also has its own motorcycle-based platform TVS Apache RR 310.
Eros International & Hollywood’s STX Entertainment to merge all share- 1st of its kind
Indian movie producer and distributor Eros International (holding company of the Lulla’s-promoted
Eros Group) announced an 1st of its kind all-share merger with 6-year-old, privately held Hollywood’s
STX Entertainment to create an equally-held global entertainment company with a value of USD 1
billion.
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Volvo & Daimler Truck set up Joint Venture to develop fuel cells for heavy vehicles
Swedish luxury vehicles brand Volvo Group and German automotive corporation Daimler Truck AG
have collaborated to set up a joint venture (JV) with equal partnership for the development and
production of fuel cell systems for heavy vehicles. As a part of JV, Daimler Truck will put all its current
fuel cell activities, and Volvo Group will buy a 50% stake in the venture for around 600 million euros
($652 million).
Facebook buys 9.99% stake in Reliance Jio, largest FDI in India’s tech sector
The US tech giant Facebook has bought a 9.99% stake in the telecom unit of Reliance Industries Ltd
(RIL), Reliance Jio for $5.7 billion, or Rs 43,574 crore. This is the largest investment for a minority stake
by a technology company anywhere in the world and the largest Foreign Direct Investment (FDI) in the
technology sector in India.
Federal Bank to acquire additional stake of up to 4% in IDBI Federal Life Insurance

The Kerala based Federal Bank’s board has approved its purchase to acquire an additional stake of up
to 4% in the equity capital of IDBI Federal Life Insurance Company Limited (IFLIC) from Industrial
Development Bank of India(IDBI) Bank (which has 48% stake in IFLIC), increasing the total
shareholding in the life insurance joint venture to 30% from 26%.
Ashok Leyland acquired 3.36% share in subsidiary Hinduja Leyland Finance

Hinduja Group flagship Ashok Leyland Ltd has acquired 15,796,406 shares of Rs 10 each constituting
3.36 per cent of the equity of its subsidiary Hinduja Leyland Finance Ltd for Rs 187.97 crore. The
acquisition is part of the 6.99 per cent acquisition approved by the Board at the meeting held on March
21, 2020.
Singapore’s Caladium increases stake in Bandhan Bank by 1.1pc to 4.49%

Caladium Investment Pvt Ltd, an affiliate of Singapore’s sovereign wealth fund GIC (Government of
Singapore Investment Corporation), has raised its stake in Indian private sector lender Bandhan Bank
(HQ - Kolkata) by 1.1 percent from 3.39% to 4.49% through secondary market operations. After the
transaction, GIC will now holds 7.2 crore shares of Bandhan Bank.
ICICI Prudential Mutual Fund Bharat-22 ETF picks shares worth Rs.59 crore in NALCO
ICICI Prudential Mutual Fund Bharat-22 ETF picked up share of value Rs.59 Crore in the Navaratna
Group ‘A’ CPSE - National Aluminium Company (NALCO – Headquarters at Bhubaneswar) through the
open market transaction. The National Stock Exchange (NSE) said that more than 1.71 crore shares
were bought at an average of Rs.34.43 apiece.
IIFL Wealth acquires the entire holdings of LTCM

IIFL Wealth Management has acquired entire (100%) equity shares of Larsen & Toubro Capital Markets
(LTCM), a wholly-owned subsidiary of L&T Finance Holdings (LTFH) for Rs 230 crores plus available
cash balance of LTCM after receiving requisite regulatory approvals.
HDFC acquires 6.43% stake in Reliance Capital through invocation

HDFC (Housing Development Finance Corporation Ltd.) has acquired a 6.43% stake in debt-trapped
Reliance Capital by invoking pledged shares. In this regard, HDFC has acquired 25.27 crore shares of Rs
10 each i.e. the total value of these shares is Rs 252 crore. The process of selling Pledged shares and
invoking pledged shares is called invocation.
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Axis Bank to buy 29% stake in Max Life Insurance for Rs 1,600 crore
Axis Bank Ltd would acquire an additional 29% stake in Max Life Insurance Company from Max
Financial Services Limited (MFS). The deal will increase Axis Bank ‘s stake in Max Life to 30%. However,
the bank didn’t reveal the amount it is paying for the stake. But the bigger deal can be estimated at Rs
1,600 crore (about $209.43 million) which will be paid in two stages.
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