Morgan Stanley Mauritius Buys 2.5% in JM Financial
Morgan Stanley Mauritius Co. Ltd has bought 2.5% stake in 
JM Financial in a block deal for Rs.68.24 Cr (18.4 mn shares at Rs.37.06 a share), thus increasing its stake in the company from 2.37% to nearly 4.8%.
Citigroup Global Markets Mauritius Pvt. Ltd sold 10.29 million shares and private equity fund Tiger Global Ltd sold its entire holding of 8.1 million shares.
Yesterday, there were rumours of Mukesh Ambani planning to acquire majority stake in JM Financial Asset Managment for a deal that values the mutual fund arm of JM Financial at around Rs.685 Cr -8% of JM’s AUM of Rs.8,569 Cr as of April 2010.
Three years ago, investment banker Nimesh Kampani sold his 49% stake in the joint venture investment banking company JM Morgan Stanley Securities Pvt. Ltd for $445 mn (around Rs.2,000 Cr) to.
Kampani then acquired Morgan Stanley’s stake in JM Morgan Stanley and its subsidiaries for $20 mn (about Rs.88 Cr), to maintain his control over the money manager.
Transaction Reference: Mint
In 2009, Morgan Stanley Mauritius had done several stock market deals in India. Some of them are:
Bought 1.32 Cr shares of Infrastructure Development Finance Company (IDFC) worth Rs 58.81 Cr.
Bought 96 Lakh shares of Unitech at Rs.30.67 per share and presently holds a stake of 1.03% in Unitech with 25,190,789 shares as on March 2010.
Bought, 4 lakh shares of NIIT Technologies at Rs.130.99 in October and another 5 lakh of the same at Rs.185.73 per share. Its current stake in NIIT Technologies is 2.64% (1,550,861 shares) as on March 2010.
XL Telecom and Energy Limited (XL Telecom) allotted Morgan Stanley Mauritius Company over 1 million shares of Rs 10 each, at a premium of Rs 150 per share on conversion of foreign currency convertible bonds to the extent of $4.5 million.
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KVEZAR VIEW
| Date | Transaction | Type | Buyer | Size ($mn) |
|---|---|---|---|---|
| 01/06/10 | JM Financial - Morgan Stanley Mauritius | Private Equity | Morgan Stanley Mauritius Company Limited | 14.50 |
| Date | Type | Buyer | Target | Size ($mn) | State |
|---|---|---|---|---|---|
| 07/02/12 | M&A | Piramal Healthcare Limited | Looking For | - | Planned |
| 07/02/12 | Private Equity | Life Insurance Corporation of India | Dena Bank | 25.49 | Announced |
| 02/02/12 | Private Equity | AU Financiers India Private Limited | - | Planned | |
| 01/02/12 | M&A | Kotak Mahindra Bank Limited | Credit Card Portfolio | - | Completed |
Company |
||||
| Name | Promoters | Office | Competitor | Website |
|---|---|---|---|---|
| JM Financial Limited | Aruna Nimesh Kampani & Family J M Financial & Investment Consultancy Services Private Limited J M Assets Management Private Limited |
141, Maker Chambers III, Nariman Point, Mumbai 400 021. | Motilal Oswal Financial Services Limited | www.jmfinancial.in |
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