India Dealbook: ICICI Bank, L&T-Mindtree, Aircel in M&A news

Photo: Reuters

In the latest M&A deals, ICICI Bank has entered into an agreement with BSE to buy stake in its subsidiary INX, while L&T has increased Mindtree stake to 26.53 per cent. Meanwhile, Aircel’s lenders have reportedly approved UVARCL’s proposal to acquire the company.

ICICI Bank buys INX from BSE

ICICI Bank on Monday said it has entered into an agreement with the BSE to buy stake in its subsidiary India International Exchange (INX) for about Rs 31 crore.

INX is an exchange located in GIFT City, IFSC, Gandhinagar, Gujarat. Post the proposed investment, ICICI Bank would own up to 9.9 per cent in INX, the bank said in a regulatory filing.

L&T increases Mindtree stake to 26.53%

Larsen and Toubro (L&T) on Monday increased its shareholding in Mindtree to 26.53 per cent by acquiring additional 73,953 shares in the company from the open market, PTI reported.

The latest stock purchase was made at Rs979.99 apiece.

Earlier this month, L&T increased its ownership in the software services firm by buying shares from V G Siddhartha and Cafe Coffee Day in Mindtree through a block deal for about Rs3,210 crore.

Aircel lenders approve UVARCL buyout

Aircel’s lenders are said to have to approved UV Asset Reconstruction Company’s (UVARCL) proposal to acquire the company.

The lenders have reached an agreement to take a haircut of about 80-85 per cent, The Hindu BusinessLine reported.

UVARCL had offered Rs150 crore upfront payment, with proposals for additional funding on successful running of the businesses, the report said.