Discover the biggest SAST acquisitions in May 2025, including LIC, Alpha Wave, and Jusmiral Holdings’ major equity share purchases.
Top SAST Deals of May 2025: LIC, Alpha Wave, Jusmiral Lead the Charge
May 2025 witnessed a surge in significant SAST (Substantial Acquisition of Shares and Takeovers) transactions on the Indian stock markets, with major institutions making bold equity moves. From Life Insurance Corporation of India’s continued strategic positioning in blue-chip firms to aggressive buys by Alpha Wave Ventures and Jusmiral Holdings, the month was marked by high-stakes investments and strong market signals.
Below is a detailed look at the most impactful SAST deals of May 2025, based on share volume and percentage of equity acquired.
1. LIC Increases Stake in Tata Steel
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Acquirer: Life Insurance Corporation of India
Target Company: Tata Steel Limited
Acquisition Period: 28 July 2022 to 30 April 2025
Shares Acquired: 251,266,188
Acquisition Mode: Others
Total Acquisition (%): 2.01%
LIC went on continuing its consistent build-up in Tata Steel, picking up more than 251 million shares by April-end. While the acquisition took longer, it was officially made public in May. The action seals LIC’s hold over the Indian steel major as a demonstration of long-term institutional faith.
2. Alpha Wave Ventures Buys Big in Oberoi Realty
Acquirer: Alpha Wave Ventures II, LP
Target Company: Oberoi Realty Limited
Acquisition Date: 9 May 2025
Shares Acquired: 185,437,141
Acquisition Mode: Others
Total Acquisition (%): 51.00%
One of the month’s most dramatic transactions, Alpha Wave Ventures bought a majority stake in Oberoi Realty. This marks a strategic property gamble by the global fund that could influence the future direction of Oberoi.
3. Jusmiral Holdings Makes Major Bet on Suven Pharmaceuticals
Acquirer: Jusmiral Holdings Limited
Target Company: Suven Pharmaceuticals Limited
Acquisition Date: 9 May 2025
Shares Acquired: 126,538,578
Acquisition Mode: Others
Total Acquisition (%): 33.08%
Jusmiral Holdings made its important foray in the drug sector with a 33.08% pickup in Suven Pharma. The transaction makes Jusmiral a significant shareholder of the fast-growing Indian pharma company.
4. LIC Strengthens Grip on Bank of India
Acquirer: Life Insurance Corporation of India
Target Company: Bank of India
Acquisition Period: 2 September 2021 to 9 May 2025
Shares Acquired: 92,218,199
Acquisition Mode: Others
Total Acquisition (%): 2.02%
LIC also expanded its stake in Bank of India, further embedding itself into the public sector banking space. This calculated acquisition strengthens LIC’s exposure to India’s financial backbone.
5. Axis Trustee Services Acquires Stake in Afcons Infrastructure
Acquirer: Axis Trustee Services Limited
Target Company: Afcons Infrastructure Limited
Acquisition Date: 6 May 2025
Shares Acquired: 92,072,053
Acquisition Mode: Others
Total Acquisition (%): 25.03%
Axis Trustee was in the news with a substantial 25.03% holding in Afcons Infrastructure, a top EPC (Engineering, Procurement, and Construction) player. The acquisition is an indicator of faith in India’s infrastructure push.
6. Honey Rose Investments Enters Fusion Finance via Rights Issue
Acquirer: Honey Rose Investments Ltd
Target Company: Fusion Finance Limited
Acquisition Date: 2 May 2025
Shares Acquired: 23,891,326
Acquisition Mode: Rights Issue
Total Acquisition (%): 14.74%
Honey Rose Investments tapped into the financial services sector through a rights issue in Fusion Finance. With nearly 15% equity, this investment opens doors to new market strategies in microfinance.
7. Vistra ITCL Gains Stake in Jayaswal Neco Industries
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Acquirer: Vistra ITCL (India) Ltd
Target Company: Jayaswal Neco Industries Limited
Acquisition Period: 14 November 2024 to 12 May 2025
Shares Acquired: 19,630,546
Acquisition Mode: Others
Total Acquisition (%): 2.02%
Closing the list, Vistra ITCL secured over 2% in Jayaswal Neco Industries, indicating institutional interest in the industrial manufacturing space.
Summary
The May 2025 SAST deal climate is characterized by aggressive positioning from local institutions like LIC and foreign investment houses like Alpha Wave and Jusmiral. Such large equity share acquisitions reflect heightened bullish sentiments and long-term faith in leading Indian sectors like infrastructure, real estate, banking, steel, and pharma.
As Indian capital markets mature, these transactions reflect more about institutional intent and sectoral sentiment. Investors and market analysts will keenly observe how these holdings work out over the next few quarters. watching closely how these positions play out in the coming quarters.
