India Dealbook: OYO buys Jaipur hotel; Azim Premji sells Wipro shares; SBI to sell SBI Life stake

Azim Premji. Photo: Reuters

Oyo Hotels and Homes (OYO) has acquired a hotel property in Jaipur from Emaar Properties. In separate developments, Azim Premji and his other group entities have sold shares in Wipro while State Bank of India (SBI) has proposed to offload 4.5 per cent stake in SBI Life Insurance.

OYO buys 4-star property from Emaar

Oyo Hotels and Homes (OYO) has acquired ITC Hotels-managed Fortune Select Metropolitan Jaipur from UAE-based Emaar Properties for about for Rs 35-40 crore.

However, the same wasn’t confirmed by either of the parties involved.

SoftBank-backed OYO had been eyeing the upscale and four-star properties in key metro locations and tier 1 cities in India for a while now.

Azim Premji sells Wipro shares

Azim Premji, founder of Indian IT services company Wipro, and his other group entities have sold about 224.6 million shares worth over Rs7,300 crore during the Wipro buyback offer that closed last month.

In a regulatory filing on Wednesday, Wipro said it had bought back 323 million equity shares at Rs325 apiece. The total amount utilised under the buyback was Rs10,499.99 crore. The promoter group now owns 74.04 per cent in Wipro.

SBI to sell 4.5% stake in SBI Life

State Bank of India (SBI) Wednesday said it will raise up to Rs 3,465 crore by offloading up to 4.5 per cent stake in SBI Life Insurance.

“The Executive Committee of Central Board (ECCB) of State Bank of India (SBI) in its meeting held today i.e., September 11,2019 has accorded approval for divestment of 3,50,00,000+1,00,00,000 equity shares constituting 3.5% with an oversubscription up to 1% of its stake in SBI Life,” SBI said in a BSE filing.

The floor price for the stake sale has been fixed at Rs 770 per equity share.