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Mitsubishi’s MUFG Bank Acquires Stakes in Indian Firms including Tech Mahindra, Tata Global Beverages

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MUFJ
Image - Japantimes.co.jp

Mitsubishi UFJ Financial Group (MUFG), one of the main companies of Japan’s Mitsubishi Group, has acquired significant stakes in several Indian companies, including Dr Reddy’s, Tech Mahindra, Tata Global Beverages, Godrej Consumer, Marico and Cyient through acquisition of entities that hold shares of the companies.

The acquisitions of indirect stakes in different companies follow MUFG’s acquisition of First State Investments (UK), First State Investments (Singapore) Colonial First State Asset Management (Australia), First State Investments Ltd, Mitsubishi UFJ Trust and Banking Coporation and Mitsubishi UFJ Kokusai Asset Management on August 2.

These entities held stakes in the said companies, according to separate regulatory filings.

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Godrej Consumer Products Ltd (GCPL) said following the transaction, MUFG has an aggregated interest of 5.47 per cent.

Similarly, Marico Ltd said MUFG’s stake in it has gone up to 6.47 per cent from 0.02 per cent earlier.

Pharma major Dr Reddy’s said MUFG has acquired an indirect interest amounting to 8.41 per cent, up from 0.05 per cent stake earlier.

Likewise, MUFG also acquired an indirect interest of 9.93 per cent stake in Tata Global Beverages Ltd following acquisition of entities that hold shares of the company.

A filing by Tech Mahindra showed that MUFG had acquired an indirect interest of 9.01 per cent. “The thresholds for disclosures …are met and currently, MUFG has an aggregated interest in Tech Mahindra of 9.01 per cent ordinary share capital as on August 2, 2019, which is the date of acquisition. This is based upon a total of 88,786,599 shares held and a total of 9,85,201,274 voting rights on issue,” it said.

Similarly, a filing by Cyient said MUFG has acquired an indirect interest of 9.81 per cent in the company. PTI RKL SR

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Vardaan
Founding editor at IndianWeb2, he's been writing at IndianWeb2 since 2007. Apart from blogging he had a professional career of software developer, Ux developer and search engine marketer in past. His vision of IndianWeb2 has been laid down so as to showcase, encourage and propagate Indian startups, innovation and entrepreneurship ideas.

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