Domestic equity mutual fund managers in India have reportedly purchased a net $570m worth of HDFC shares ahead of its merger with parent company Housing Development Finance Corp. in a "lucrative" arbitrage trade, according to Prime Database. Capitalising on the share-swap ratio upon completion, fund managers hope the merger will enable them to purchase shares at a discount to HDFC Banks current price. The merger is effective from 1 July, with HDFC Bank absorbing the parent company. HDFC shares rose by around 2.3% on 9 June.
Adani Group companies have seen more than $135 billion of equity market value wiped out since the explosive Hindenburg Research report, but none is hit as bad…
Adani Enterprises ended nearly 20% higher at Rs 2,159 apiece on the BSE on Wednesday. However, Adani Green fell 4.92%, Adani Total Gas 5%, and ACC declined 1.11%.