Days after demerging the financial services arm, Reliance Industries-backed Jio Financial Services Ltd has formed a joint venture with BlackRock to enter the crowded asset management market. JFS and BlackRock are targeting an initial investment of $150 million each in the joint venture. Though it is demerged, RIL will be in focus.

Poonawalla Fincorp Ltd (PFL) on Wednesday said it received a post-tax consideration of ₹3,004 crore, following the consummation of its controlling stake sale in its housing finance subsidiary Poonawalla Housing Finance Ltd (PHFL) to Perseus SG Pte. Ltd., an entity affiliated to TPG Global LLC.

Mahindra & Mahindra Limited has picked up 3.53 per cent stake in RBL Bank as an investment at a cost of ₹417 crore, the company informed the exchanges on Wednesday “We may consider further investment subject to pricing, regulatory approvals, and required procedures. However, in no circumstance will it exceed 9.9 per cent,” it said.

Fast-Moving Consumer Goods (FMCG) major Marico has acquired a 58 per cent stake in Direct-To-Consumer (D2C) Satiya Nutraceuticals Pvt Ltd and its wholly owned subsidiary Juizo Advisory Pvt Ltd that owns the brand ‘The Plant Fix-Plix’. The acquisition, of 58 per cent is done at ₹369.01 crore, which will be paid in one or more tranches through primary infusions and secondary buy-outs.

Power Finance Corporation Limited has said that due to oversubscription non-convertible debentures issue by 5.84 times, its announced early closure of the issue, after garnering ₹2922.17 crore.

Government will offload over 11 crore shares of its stake in Rail Vikas Nigam Limited (RVNL) through offer for sale (OFS). At the floor price, it is expected to earn over ₹1,329 crore. Floor price for the offer has been fixed at ₹119 which is over 11 per cent less than closing price of its share on Wednesday. The shares closed at ₹134.35 on BSE. Offer for sale in RVNL opens tomorrow (Thursday) for non-retail investors. Retail investors can bid on Friday

The delisting offer of Chennai-based TTK Healthcare failed to draw enough interest from public shareholders till the last day of the offer. TTK Healthcare promoters hold 1.05 crore shares (74.56 per cent) of the total 1.41 crore equity shares. With 17.02-lakh shares tendered by the public shareholders, the total equity shareholding of the acquirers stands at 87 per cent, which is still below the 90 per cent delisting requirement. the floor price of the delisting to ₹1,201.30 per equity share. As the promoters are entitled to (but not obligated) to make a counter offer to public shareholders till July 28, the stock will remain in focus.

The board of directors of Motilal Oswal Financial will meet today to consider apart from quarterly numbers, a proposal for Internal Restructuring within Group Entities by transferring Broking & Distribution Business of Motilal Oswal Financial Services Limited into one of the Wholly-Owned Subsidiary of the Company, demerger of Wealth Business from Motilal Oswal Wealth Limited, Wholly-Owned Subsidiary, into MOFSL and other related matters.

Results calendar: ACC, Accelya Solutions, Andhra Cements, Ajanta Pharma, Anmol India, Arvind, Aztec Lifesciences, Bajaj Finserv, Bajaj Holdings, Bharat Electronics, BEML Land Assets, Blue Dart, Birlasoft, Canopy Fin, Chemfab Alkalies, Coromandel, Digispace, Dr Lal Path Labs, Foseco, Gangotri Textiles, Godwari Power & Ispat, Greenlam Ind, Hindustan Media Ventures, Home First, IEX, IIFL, Indian Hotel, Indian Bank, Indus Tower, Intellect Design Arena, JK Lakshmi Cement, Jyoti Resins, Kaya, Kiran Vyapar, Latent View, Laurus Lab, LGB Bros, Lodha, Man Credit, Mirza International, Motilal Oswal Financial, NACL Industries, Nippon Asset Management, NDTV, Nestle, Powergrid Invit, Radio City, Railtel, Saregama, Shiva Cement, Shree Digvijay Cement, Shriram Finance, Sona Comstar, Sterlite Tech, Sundaram Fasteners, Symphony, Trident, TTML, Ujjivan SFB, and United Van Der Host.

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