Takeover Activities Heat Up in India; ABG, PVR, Wipro in Focus

Mukesh Buch
12 Jun, 2015
New York City

Reliance plans to launch Reliance Jio in December this year. Wipro initiated talks with the UK-based outsourcing group Equiniti for takeover valued at

[R]6:00 PM Mumbai – Reliance plans to launch Reliance Jio in December this year. Wipro initiated talks with the UK-based outsourcing group Equiniti for takeover valued at £1 billion or ₹9,900 crore. ABG Shipyard plans to sell a majority stake in the Germany-based Privinvest Holding.

Market indexes in India gained on Friday and trimmed weekly losses as takeover and financing activities heat up.

Rupee weakened 9 paisa to 64.06 against one U.S. dollar.

The Sensex Index gained 54.32 to close at 26,425.30. The CNX Nifty increased 17.55 to 7,982.90.

For the week, Sensex Index declined 1.2% and CNX Nifty plunged 1.5%.

Gainers & Losers

ABG Shipyard Limited soared 8.2% to ₹180.90 after the shipbuilder signed an agreement to sell a majority stake to the Germany-based Privinvest Holding.

The Privinvest Holding plans to buy up to 49% stake in the company.

DLF Limited slid 0.3% to ₹107.60 and the real estate developer said that the US-based Oppenheimer increased its stake in the company to 5.12%.

Future Retail Limited jumped 5.5% to ₹102.80 after the apparel retail plans to raise up to ₹1,500 crore through non-convertible debentures offering.

IndusInd Bank Limited gained 1.5% to ₹807.55 after shareholders approved the stock sale worth ₹600 crore to the promoters on a preferential basis.

PVR Limited edged up 0.1% to ₹650 after the company plans to raise up to ₹350 crore.

Reliance Industries Limited increased 1.4% to ₹889.15 after the conglomerate plans to launch Reliance Jio Infocomm in December.

Unitech Limited climbed 5.2% to ₹7.54 after the real estate developer plans to raise ₹200 crore from private equity investors.

Wipro Limited slipped 1.9% to ₹537.30 after the company said that initiated takeover talks with the U.K.-based outsourcing services provider Equiniti with a potential valuation of as high as £1 billion or ₹9,900 crore

The news was first reported by Economic Times.