Business
BNP Paribas Offloads Stakes Worth Rs 3,000 Crore In Swiggy, Vishal Mega Mart, Waaree Energies
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BNP Paribas, a unit of the French banking group, has executed a series of large block deals worth more than Rs 3,000 crore across multiple companies
Block Deal
BNP Paribas Financial Markets, a unit of the French banking group, has executed a series of large block deals worth more than Rs 3,000 crore across multiple companies, including Swiggy, Vishal Mega Mart, Waaree Energies and Hitachi Energy India. The transactions were carried out on August 26, according to block deal data available on the National Stock Exchange (NSE).
In one of the largest trades, BNP Paribas sold 2.69 crore shares of food delivery platform Swiggy at an average price of Rs 430.38 apiece, amounting to around Rs 1,158 crore. Interestingly, it also acquired 4.35 lakh shares of the company at Rs 426.68 per share, worth Rs 18.5 crore, as part of the same trading session.
The French lender also trimmed its exposure to retail major Vishal Mega Mart, selling 5.53 crore shares at Rs 152.80 apiece, with the deal valued at Rs 845.13 crore. In the renewable energy space, BNP Paribas divested 17.83 lakh shares of Waaree Energies at Rs 3,266.21 each, raising about Rs 583 crore.
Separately, it sold 4.19 lakh shares of Hitachi Energy India at an average price of Rs 19,794.72, generating Rs 829 crore from the transaction.
Meanwhile, BNP Paribas was also active on the buy side. It picked up a significant stake in Zomato’s parent company, Eternal, by acquiring 10.12 crore shares at Rs 318.10 apiece, a deal valued at Rs 3,220 crore. On the other hand, it sold a small portion—just 16,083 shares of Eternal at Rs 317.94, worth Rs 51 lakh.
The flurry of trades highlights BNP Paribas’ strategy of reshuffling its portfolio across India’s consumer, technology, retail, and clean energy sectors, at a time when block deals are becoming an increasingly common tool for global investors to adjust their positions in high-growth Indian companies.
Aparna Deb is a Subeditor and writes for the business vertical of News18.com. She has a nose for news that matters. She is inquisitive and curious about things. Among other things, financial markets, economy, a…Read More
Aparna Deb is a Subeditor and writes for the business vertical of News18.com. She has a nose for news that matters. She is inquisitive and curious about things. Among other things, financial markets, economy, a… Read More
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Trump administration in advanced talks for a rescue package for Spirit Airlines, source says
A Spirit commercial airliner prepares to land at San Diego International Airport in San Diego, California, U.S., January 18, 2024.
Mike Blake | Reuters
The Trump administration is in advanced talks for a financing package for Spirit Airlines as the carrier is facing the risk of a liquidation, according to a person familiar with the matter.
Spirit had been facing a potentially imminent liquidation, people familiar with the matter told CNBC last week, speaking on the condition of anonymity to discuss matters that had not yet been made public. The Dania Beach, Florida-based carrier in August filed for its second Chapter 11 bankruptcy in less than a year, after it struggled to increase revenue to cover rising costs.
President Donald Trump hinted at potential government aid on Tuesday, telling CNBC’s “Squawk Box“, “Spirit’s in trouble, and I’d love somebody to buy Spirit. It’s 14,000 jobs, and maybe the federal government should help that one out.”
The White House didn’t immediately comment.
“We are hopeful that the government will recognize the needs for emergency funds especially in the current economic environment,” a spokesperson for the Associated of Flight Attendants-CWA, which represents Spirit’s cabin crews, said in a statement. “The last thing our economy needs is tens of thousands more people out of work and the last thing the travelling public needs is fewer choices in air travel.”
The terms of the financing deal weren’t immediately known. The Wall Street Journal earlier reported that the talks were in an advanced stage.
The U.S. airline industry accepted more than $50 billion in taxpayer aid to weather the Covid-19 pandemic, which is still its biggest-ever crisis, but those funds weren’t handed to one specific airline. Some of the aid gave the U.S. government stock warrants for airlines.
Airlines also received a government bailout following the Sept. 11, 2001, terrorist attacks, but that money was also for more than one company. The U.S. in 2008-2009 also bailed out the auto industry during the financial crisis and took stakes in manufacturers.
The Trump administration has taken equity stakes in some companies it deemed critical to national security like Intel and USA RareEarth, though Spirit stands out as it is in bankruptcy.
In February, Spirit said it expected to exit bankruptcy in late spring or early summer, telling a U.S. court that it would shrink and focus its planes on high-demand routes and travel periods. Pilot and flight attendant unions had also made concessions, including going on furlough in recent months, in a bid to help Spirit survive.
But jet fuel prices have nearly doubled in some parts of the U.S. since then, further adding to challenges for Spirit and the rest of the airline industry.
As a low-fare airline that also faces competition from larger carriers with their own no-frills, basic economy offerings, it has grown harder for Spirit to cover expenses. Spirit had introduced extra-legroom seats and other premium options to try to cater to higher-spending customers.
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