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Reliance Capital to pick up 14.96 per cent in Spanco for Rs.32.27 crore
Mumbai: Reliance Capital said Tuesday that it intends to invest Rs32.27 crore towards picking up 14.96 per cent stake in Spanco Telesystems and Solutions Ltd.

The company has agreed to subscribe to 29.80 equity shares and 5.70 lakh warrants, amounting to a 14.96 per cent stake in Spanco, at a price of Rs90.90 per share, totaling Rs32.27 crore. Spanco will issue these shares to Reliance Capital under the preferential route, subject to approval by the shareholders of the company at the AGM to be held on September 15, it said.

Earlier, the ADAE group had acquired Adlabs and has finalised a deal to acquire the entire stake of AMP and Sanmar in AMP Sanmar Life Insurance.
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Fidelity and ICICI Mutual pick up 10 per cent stake in Patel Engg
Mumbai: Promoters of Patel Engineering on Tuesday unloaded 10 per cent of the company's equity in the market, with Fidelity Fund and Prudential ICICI Mutual Fund picking up most of the shares.

Two of the promoter companies, Praham Engineering Company and Patel Realtors, sold 24.30 lakh shares each on the BSE, at Rs170 a share. The amount realised from the deal works out to Rs82.62 crore.

The company's paid-up capital is 4.86 crore shares of Re 1 each.
Of the shares sold, Fidelity Fund Mauritius bought 25 lakh shares (5.14 per cent of the company's equity) and Prudential ICICI Mutual Fund bought 18.13 lakh shares (3.73 per cent of equity).
The stock closed at Rs 196.20, up 6.2 per cent, on the BSE. It touched a high of Rs 203.20 and a low of Rs 170.

Before this deal, promoters' holding in the company was 77 per cent.

Patel Engineering is engaged in construction of dams, bridges, roads and other engineering projects. It has bagged several big projects for construction of roads and irrigation projects.
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