Jubilant Group promoters to offload stakes in listed companies via block deals: Report
Jubilant Group stake sale: Jubilant Group promoters to divest small stakes in key listed firms as part of a broader strategy following their major Coca-Cola bottling acquisition.
Jubilant Group stake sale: The Bhartia family plans to offload stakes in Jubilant FoodWorks, Pharmova, and Ingrevia via block deals. The move supports strategic capital realignment after acquiring a stake in Hindustan Coca-Cola Holdings.
Tired of too many ads?
Remove Ads
Tired of too many ads?
Remove Ads
The Bhartia family — promoters of the Jubilant Group — is planning to sell small stakes in its listed companies through block deals, according to a report from CNBC Awaaz. As per the report, the family is set to offload 1.32 crore shares of Jubilant FoodWorks , 56 lakh shares of Jubilant Pharmova , and 1.2 crore shares of Jubilant Ingrevia The move is aimed at raising Rs 2,000 crore to part-fund the acquisition of a 40% stake in Hindustan Coca-Cola Beverages (HCCB), according to people familiar with the matter.In Jubilant FoodWorks, which operates popular QSR brands like Domino's Pizza and Dunkin' Donuts in India, the promoters will reportedly sell a 2% stake at a floor price of Rs 641 per share, with Morgan Stanley acting as the broker.For Jubilant Ingrevia, a specialty chemicals and nutrition products company demerged from the group in 2021, the Bhartia family is expected to offload a 7.53% stake at a floor price of Rs 627.45, which reflects an 8% discount to the prevailing market price.Meanwhile, in Jubilant Pharmova, the group's pharmaceutical arm with operations spanning APIs, radiopharma, and contract research, 3.5% stake is likely to be sold at a floor price of Rs 1,013 per share, translating to a 9.9% discount to the current market rate.These stake sales come at a time when the group is preparing for a strategic realignment of capital following its recent major acquisition.In December 2023, the Jubilant Bhartia Group had announced a Rs 12,500 crore acquisition of a 40% stake in Hindustan Coca-Cola Holdings (HCCH) through its subsidiary Jubilant Beverages Ltd.HCCH is the parent company of Hindustan Coca-Cola Beverages (HCCB), India's largest bottler of Coca-Cola products. The acquisition marked one of the group's largest diversification moves outside of its core businesses.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Hans India
an hour ago
- Hans India
AP partners with WEF for energy centre in Amaravati
Vijayawada: In a significant move to establish Andhra Pradesh as a global hub for innovation and sustainable development, the state government partnered with the World Economic Forum (WEF) to launch 'WEF-AP Centre for Energy and Cyber Resilience' in Amaravati. This initiative aligns with the government's ambitious 'Swarna Andhra Vision 2047'. A Government Order issued on Thursday formalized the establishment of this centre, which will operate under the WEF's global Centre for the Fourth Industrial Revolution (C4IR) Network. Notably, it will be India's first thematic C4IR centre and will focus on two critical areas: energy transition and green industries in collaboration with WEF's Centre for Energy and Materials (CENMAT) and AI-led digital transformation and cyber security, in partnership with WEF's Centre for Cyber Security. This initiative stems from high-level meetings with the WEF in Davos and is poised to position Amaravati as India's leading center for green energy, sustainability, and cyber security. The project is being spearheaded by Chief Minister N Chandrababu Naidu and IT Minister Nara Lokesh, with the overarching goal of enhancing AP's international profile and attracting significant investments in clean energy, Artificial Intelligence, and digital infrastructure. The centre's key objectives include elevating AP's global standing, fostering international partnerships, supporting the growth of green industries, enhancing cyber security capabilities, and running pilot projects in clean energy, smart grids, and the application of AI in sectors such as agriculture and governance. Furthermore, it aims at upskilling the workforce in cyber security and emerging technologies and connecting the state with prominent global platforms like the WEF's annual meeting at Davos. The state government has allocated Rs 36 crore to support the Centre's operations for three years. It will initially function from Vijayawada or Amaravati and will be governed by a high-level committee chaired by IT Minister Nara Lokesh.
Hans India
an hour ago
- Hans India
CRDA meet okays Amaravati works
Vijayawada: The 49th meeting of the Capital Region Development Authority (CRDA), chaired by Chief Minister Chandrababu Naidu, has given approval for several developmental works relating to Amaravati. The CRDA meeting decided to call for tenders to provide basic infrastructure facilities in 1,450 acres of Government complex region in Amaravati at a cost of Rs 1,052 crore. The CRDA also decided to call for tenders to connect the seed access road to national highway 16 at a cost of Rs 682 crore. Minister for Municipal Administration P Narayana informed the Chief Minister that they had interacted with environment experts during the CRDA team's recent visit to Lucknow. He said the team studied the river front development and solid waste management systems in Lucknow. The Minister said the Uttar Pradesh officials will visit Amaravati soon to study the solid waste management system. Among other things, the CRDA is planning infrastructure development, including residential towers for government employees and road development to facilitate access for workers and industries. Key initiatives include completing existing projects and constructing new towers for gazetted and non-gazetted employees, as well as external infrastructure works within the core capital area. Additionally, the CRDA is addressing potential transportation bottlenecks and is working on alternative road routes to ensure smooth operations, particularly for Autonagar's industries. These projects aim to improve living conditions and support the development of the new capital city. Recognizing the importance of transportation, the CRDA is actively involved in road development projects to ensure smooth access for workers, industries, and residents. This includes prioritizing road development in specific areas like Ballem Vari Street and Mahanadu Road. As major projects in Amaravati are expected to commence, the CRDA is preparing to manage the influx of migrant workers from different states. This includes addressing potential challenges and ensuring adequate infrastructure for the new residents.
Hans India
an hour ago
- Hans India
Gold prices breach key Rs 1 lakh level to hit record high
Mumbai: Gold prices significantly surged on Friday as rising geopolitical tensions between Israel and Iran boosted the safe-haven appeal of the yellow metal. Gold futures on the Multi Commodity Exchange (MCX) hit an all-time high by crossing the Rs 1 lakh per 10 grams mark for the first time ever. Gold's August contracts hit a fresh lifetime high of Rs 1,00,403 per 10 grams, while the contracts with October expiry hit an all-time high of Rs 1,01,295 per 10 grams on the MCX.
