While Quess Corp is acquiring the remaining 36 per cent stake in Comtel Solutions, Biocon Ltd has sold almost 2 per cent stake in its research arm Syngene. Also Avenue Supermarts promoter Radhakishan Damani is selling up to 1 per cent stake in open market.
Quess Corp picks up remaining 36% stake in Singapore’s Comtel
In 2016, Quess had announced that it was acquiring 64 per cent stake in one of Singapore’s largest staffing companies Comtel Solutions Pte. Ltd for about $20 million.
The move comes as part of a series of acquisitions that Quess has been making in the last few years. Earlier this year, Quess Corp said it was acquiring jobs portal Monster.com’s India, Southeast and West Asia units along with HCL Infosystems Ltd’s after-sales services business for consumer electronics and mobile phones.
Prior to that in January, the Bengaluru-based company had announced that it was acquiring a 90 per cent stake in Greenpiece Landscapes India Pvt. Ltd for up to Rs 26.2 crore ($4.1 million) in cash.
Biocon sells stake in research arm Syngene for around $24m
“Biocon, the promoter of Syngene International, on 16 May 2018 has sold 37,65,574 equity shares amounting to 1.88% of the equity share capital of Syngene through open market sale,” the Bengaluru-based firm said in a filing to to stock exchanges.
In another filing, Syngene said, Biocon has sold the shares for meet regulatory requirements of achieving minimum public shareholding levels.
According to BSE data, Biocon sold 1,556,326 shares of Syngene at the rate of Rs 612.10 apiece.
It is estimated that post the transaction, stake of promoter and promoter group in the company will be at 72.57 per cent.
Avenue Supermarts promoter to sell 1% stake in the company
Radhakishan Damani, the promoter of retail Avenue Supermarts, is selling up to 1 per cent stake in the open market to meet the shareholding norms.
According to a filing to the stock exchanges, Damani proposes to sell “up to 1 per cent of the total paid up equity share capital of the company aggregating to 6,240,844 shares.”
The divestment process will be completed during May 21 to June 14, 2018 or the actual date of completion of sale of all equity shares, whichever is earlier, it added.
News of the stake sale pulled the Avenue Supermarts stock down 5.24 percent to close at Rs 1,416.85 on Friday.