BF Utilities jumped by 9%, and touched the weekly high of Rs424.55, on report that Reliance Anil Dhirubhai Ambani Group chief Anil Ambani sold 8% of his personal stake in Nandi Infrastructure Corridor Enterprises for $65 million.
BF Utilities owns 75% in Nandi Infrastructure Corridor Enterprises ( NICE), which is executing the Bangalore-Mysore Infrastructure Corridor.
According to reports, Anil Ambani offloaded his 8% stake in NICE to Airro Mauritius, a fund affiliated to JP Morgan, valuing NICE at $812 million, or Rs 4000 crore.
Reports suggested that with this deal, JP Morgan Chase would have 18% stake, while BF Utilities will hold 75% stake. Anil Ambani bought 11% stake in NICE for Rs60 crore seven years ago. In August 2010, JP Morgan acquired 10% stake in NICE.
....more info
BF Utilities owns 75% in Nandi Infrastructure Corridor Enterprises ( NICE), which is executing the Bangalore-Mysore Infrastructure Corridor.
According to reports, Anil Ambani offloaded his 8% stake in NICE to Airro Mauritius, a fund affiliated to JP Morgan, valuing NICE at $812 million, or Rs 4000 crore.
Reports suggested that with this deal, JP Morgan Chase would have 18% stake, while BF Utilities will hold 75% stake. Anil Ambani bought 11% stake in NICE for Rs60 crore seven years ago. In August 2010, JP Morgan acquired 10% stake in NICE.
....more info