Societe Generale buys additional shares worth Rs 76 crore in Sammaan Capital, promoter picks up 2.2% stake in Reva Diamonds

Societe Generale buys additional shares worth Rs 76 crore in Sammaan Capital, promoter picks up 2.2% stake in Reva Diamonds -

France-based financial services group Societe Generale has acquired additional shares worth Rs 76 crore in Sammaan Capital, the housing finance company, via open market transactions on March 25. Perhaps the buying interest by Societe Generale in Sammaan Capital shares may be after the proposed investment of Abu Dhabi-based Royal Group in the company. The stock was the biggest gainer amongst F&O stocks, rising 6 percent to Rs 146.88 on the National Stock Exchange. Royal Group-owned International Holding Company PJSC through Avenir Investment RSC has proposed to invest Rs 8,850 crore in Sammaan Capital via preferential issue. After completion of the preferential issue, Avenir will hold approximately 41.23 percent stake in the company, while post the preferential issue and the open offer, its holding will increase to 63.36 percent. All this is for information. This is not a buy/sell recommendation. Thank you, Technofunda24