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Eton Park exits Reliance AMC; Ritika Suri quits Infosys; Quess Corp plans share sale

18 July, 2017

US-based hedge fund Eton Park has sold its entire 4.43% stake in Reliance Nippon Life Asset Management Ltd, the asset manager to Reliance Mutual Fund, according to a report in The Economic Times.

The stake was bought by a clutch of funds based out of the US and Singapore for Rs 675 crore, valuing the asset management firm around Rs 15,000 crore ($2.3 billion), the report said.

The stake sale comes just a month after the asset manager’s board approved a plan to float an initial public offering amid hectic activity in the capital markets. The company had assets under management of Rs 3,58,059 crore as on 31 March 2017. This includes mutual fund assets of Rs 2,10,891 crore. Its total income rose 9% to Rs 1,436 crore and profit before tax increased 16% to Rs 581 crore in 2016-17.

In another development, media reports said that Ritika Suri has resigned as the global head of corporate development and ventures at Infosys Ltd. Suri is currently serving her notice period, the Mint reported.

Under her stint, Infosys made a number of acquisitions and investments. These include a deal to buy US-based automation technology firm Panaya Inc for $200 million, mobile commerce enabler Kallidus Inc for $120 million and US-based Noah Consulting for $70 million.

Meanwhile, The Times of India reported, citing people directly aware of the development, that Fairfax-backed Quess Corp was planning to raise about Rs 900 crore (nearly $140 million) through a share sale to institutions.

Business service provider Quess Corp has a market capitalisation of nearly Rs 12,000 crore. It had a bumper IPO last year when it received bids for a whopping 144 times the number of shares on sale, making it the most attractive IPO in more than eight years.

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Eton Park exits Reliance AMC; Ritika Suri quits Infosys; Quess Corp plans share sale

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