Market Developments and Corporate Transactions
Market regulator SEBI has approved State Street Global Advisors’ (SSGA) proposed acquisition of a stake in Groww Asset Management, a wholly-owned subsidiary of Billionbrains Garage Ventures. Following the transaction, SSGA will obtain shares in Groww AMC, equating to 4.85% voting rights and 22.94% of the economic interest in its fully diluted share capital. This follows prior approvals from Groww’s board and the Competition Commission of India.
In another development, PNC Infratech has received a Letter of Acceptance from the Lucknow Development Authority for a ₹194.40 crore EPC contract. This contract encompasses the construction of a 4-lane flyover at the Shaheed Path Intersection along the RHS bank of the Gomti River in Lucknow, with a completion deadline set for 24 months, free from any related-party or promoter-group interests.
Wipro Ltd has announced a major investment in Aggne, a consulting and managed services firm in the insurance and Insurtech sectors. This investment will make Wipro the majority shareholder in Aggne, granting access to exclusive capabilities and Intellectual Property (IP) in the property & casualty insurance market, thereby enhancing service offerings to clients.
Mining, Disinvestment, and Regulatory Approvals
State-owned NMDC reported a 19.9% increase in iron ore production, totaling 5.31 million tonnes (MT) in May compared to 4.43 MT the previous year. However, sales dipped by 6.9% to 4.04 MT from 4.34 MT year-on-year, based on provisional data.
The government plans to sell up to 6% stake in NHPC, setting a floor price at ₹71 per share through an offer for sale (OFS) that commences Tuesday. Arunish Chawla, Secretary of the Department of Investment and Public Asset Management (DIPAM), confirmed that the base offer is for 3% of equity, with an additional 3% Green Shoe Option in the case of oversubscription. The floor price represents an 8% discount from NHPC’s closing price of ₹77.19 on the BSE.
Equitas Small Finance Bank has disclosed that the Reserve Bank of India has approved Mirae Asset Mutual Fund’s acquisition of up to 9.50% of its paid-up share capital or voting rights.
Capital Raising and Fintech Initiatives
Ola Electric Mobility has launched its qualified institutional placement (QIP) issue with a floor price of ₹37.74 per share. The regulatory announcement states that the issue opened on June 1, 2026, following board approval of the pricing based on SEBI regulations.
Fino Payments Bank Ltd has entered into a strategic partnership with the fintech platform Ezee.ai to forge a lending ecosystem in anticipation of its transition to a Small Finance Bank (SFB). This partnership will leverage Ezee.ai’s artificial intelligence technologies to enhance the bank’s lending operations through smart automation and efficiency improvements.
Market Transactions and Financial Services
BNP Paribas acquired nearly 9 lakh shares of Lloyds Metals and Energy from Morgan Stanley for ₹161 crore through open market deals. The shares, purchased at ₹1,802.10 each, are part of a block deal executed by BNP Paribas Financial Markets, countering a similar offload by Morgan Stanley.
Axis Bank has raised its stake in Axis Max Life Insurance Company to 19.9% after investing up to ₹380 crore in equity shares. Following this investment, the combined holdings of Axis Bank and its subsidiaries will increase from 19.02% to 19.99%.
Hospitality and Data Centre Expansion
Indian Hotels Company (IHCL) has inaugurated the 126-key Taj Hessischer Hof Frankfurt in Germany, marking its entry into Continental Europe. Managing Director and CEO Puneet Chhatwal stated that this development aligns with IHCL’s international expansion strategy in key global cities.
Additionally, Anant Raj Ltd signed a Memorandum of Understanding (MoU) with the Haryana government to invest ₹20,000 crore in data centre infrastructure. The company aims to enhance its existing IT load capacity and expand operations to achieve a total capacity of 307 MW across its facilities in Haryana by the financial year 2031-32, supported by a capital expenditure of about USD 2.1 billion.
Published on June 2, 2026
