American financial services company Fidelity Investments on Wednesday divested a 1.3 per cent stake in e-commerce firm Meesho for Rs 988 crore through open market transactions.

Fidelity Investments, through its two affiliates, FID FDI 2117 LLC and FID FDI 312 LLC, offloaded a total of 5,98,16,300 shares representing a 1.31 per cent stake in the Bengaluru-based e-commerce firm, according to the bulk deal data available on the National Stock Exchange (NSE).

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The shares were sold in the price range of Rs 165.18-165.21 apiece, taking the combined transaction value to Rs 988.15 crore.

At the end of the March quarter, FID FDI 312 LLC owned a 1.13 per cent stake in Meesho, as per shareholding data available on the BSE.

Details of the buyers of Meesho’s shares could not be ascertained on the exchange.

Shares of Meesho fell marginally to close at Rs 166.16 apiece on the NSE.

Last month, Meesho said its consolidated net loss narrowed to Rs 166.34 crore for the fourth quarter ended March 31.

The company had posted a net loss of Rs 1,391.38 crore in the corresponding quarter of the previous financial year, according to a regulatory filing.

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Its consolidated revenue from operations for the quarter under review increased 47.13 per cent to Rs 3,531.21 crore compared to Rs 2,399.97 crore in the year-ago period, the company added.

During the same month, Meesho announced that its board has approved an investment of up to Rs 100 crore in its subsidiary Meesho Payments Pvt Ltd.

(This story has not been edited by NDTV staff and is auto-generated from a syndicated feed.)

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The Reserve Bank of India (RBI) on Wednesday said it has cancelled the certificate of registration of 135 non-banking finance companies.

These include companies such as Express Fincap House, Akshay Fiscal Services, Times Finance (P), Jupiter Projects (P), Jupiter Finvest, Essel Finance Business Loans, and Citiwide Financial Services.

The majority of the NBFCs, whose certificates of registration were cancelled, had a registered office address in West Bengal, an RBI release showed.

Separately, 13 non-banking finance companies have surrendered their certificates of registration to the central bank due to exiting the business or ceasing to be legal entities following amalgamation/merger/dissolution/voluntary strike.

J. Thomas Finance, Econ-Super Sales, Hitesha Finance and Investment, Tinnevelly Tuticorin Investments, Carnex Vinimay, and Impact Leasing surrendered their licences due to exit from Non-Banking Financial Institution (NBFI) business, the release said.

Further, Forerunner Capital Investments’ licence was surrendered due to meeting the criteria prescribed for unregistered Core Investment Company (CIC) that do not require registration.

NBFCs such as Caspian Impact Investments, Hari Darshan Sales, Ivory Consultants, SKA Consultancy Services, Trishita Management, and Suban Trades surrendered their licence due to the NBFC ceasing to be a legal entity due to amalgamation/ merger/dissolution/ voluntary strike-off, etc, the release added.

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India’s National Bank for Financing Infrastructure & Development (NaBFID) is in talks with banks to raise funds through a five-year dollar loan, seeking to capitalize on the central bank’s recent measures to encourage foreign currency inflows.

The state-owned infrastructure lender is looking at a total pricing of 6.5% to 7%, including hedging costs, Managing Director Rajkiran Rai G. said in an interview, adding that the size of the loan would depend on the pricing. NaBFID is seeking to raise $8 billion-$9 billion from the domestic and offshore markets in the financial year ending March 2027, he said.\

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The Reserve Bank of India said this week it will offer state-run firms a concessional foreign exchange swap facility at a fixed rate of 1.5% a year. Analysts said this would allow firms to hedge overseas borrowings at roughly half the prevailing market cost. Many borrowers have stayed away from offshore markets this year because of elevated hedging costs and the rupee’s weakness.

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“Replanning is happening, and we are studying it very closely,” said Rai. “We will definitely make use of this special hedge window.” 

State-run firms are likely to prefer offshore borrowing as the RBI’s discounted swap facility has made overseas fundraising 50 to 75 basis points cheaper than raising money in the domestic bond market, he said.

(This story has not been edited by NDTV staff and is auto-generated from a syndicated feed.)

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