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Last Updated : Nov 18, 2015 02:04 PM IST | Source: Moneycontrol.com

SeQuent Scientific, IIFL gain on FIPB nod for FDI proposals

FIPB said the government has approved six proposals of foreign direct investment worth Rs 1,810 crore on October 30, including proposals from SeQuent Scientific and IIFL Holdings.

 
 
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Moneycontrol Bureau


Shares of SeQuent Scientific rallied 3.2 percent and IIFL Holdings jumped 3.7 percent intraday Wednesday after getting approval from Foreign Investment Promotion Board (FIPB) for FDI proposals.


FIPB said the government has approved six proposals of foreign direct investment worth Rs 1,810 crore on October 30, including proposals from SeQuent Scientific and IIFL Holdings.

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SeQuent had proposed to acquire entire shareholding in Alivira Animal Health by buying out all shares (99,97,941 shares - 26.7 percent) held from Unit Trust of India Investment Advisory Services (Ascent India Fund III and Devicam Capital LLP. As a consideration SeQuent will issue 35,85,413 shares (share swap) on a preferential basis to both Ascent and Devicam at a price of Rs 669.1 apiece.


Non-banking finance company IIFL Holdings sought approval for increasing foreign equity from 50.16 percent to 80 percent by way of issuing shares to FIIs.


FIPB also approved proposals of Agile Electric Sub Assembly, Sharekhan, Serap India and Monsoon Capital LLC USA while it rejected one proposal i.e. of Volkswagen Finance.


At 12:50 hours IST, the scrip of Sequent Scientific was quoting at Rs 897, up 1.93 percent and IIFL Holdings rose 1.18 percent to Rs 189 on the BSE.

Posted by Sunil Shankar Matkar



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First Published on Nov 18, 2015 02:04 pm
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