Travel pass: Pros may outweigh cons
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The offer-for-sale by Sumitomo Chemical India’s promoter opens for subscription to institutional investors on Wednesday and for retail investors on Thursday. The total offer size is Rs 445.10 crore. As the floor price has been fixed at Rs 270 a share, a discount of 9.3 per cent to the closing price of Rs 297.75 as on September 29, the stock may come under pressure.
Sumitomo Chemical Company plans to sell 1.65 crore shares (or 3.3 per cent stake) to meet the minimum public shareholding norms.
Welspun Corp has received multiple orders of approximately 147 kilo metric tonnes valued at close to Rs 1,400 crore. These orders would be executed from India and will help boost the mill utilisation o the company’s India facilities.
The inflow of orders is not only from the domestic O&G and Water business but also from exports, it said in a notice to the stock exchanges.
With this, the company's order book stands at 755 KMT valued at approximately Rs 6,300 crore, after considering execution up to August 2020.
Shareholders will closely monitor the execution and further order flows.
The board of directors of VA Tech Wabag on Tuesday approved the preferential allotment of 75 lakh equity shares at a price of Rs 160 a share aggregating to Rs 120 crore.
Among the allottees are Rekha Rakesh Jhunjhunwala (50 lakh shares), Basera Home Finance (15 lakh shares), and Sushma Anand Jain and Anand Jaikumar Jain (Joint Holding) (10 lakh shares).
Makers Laboratories Ltd and Kaygee Investments Pvt Ltd have made a public announcement through Arihant Capital Markets Ltd, the manager to the open offer, for acquisition of up to 30 lakh equity shares from shareholders of Resonance Specialties Ltd at a price of Rs 55.50 a share.
The open offer is mandatory as the acquirers have entered into a share purchase agreement with Ushma Investments Pvt Ltd and Vista Finance & Leasing Pvt Ltd, promoter group companies, to acquire 62.62 lakh shares representing 54.24 per cent of fully paid-up equity share capital of Resonance Specialities at a price not exceeding Rs 42.60 a share.
Indiabulls Housing Finance on Tuesday said it has raised another Rs 630 crore by selling more of its stake in OakNorth Bank to TEMF Ltd (a fund managed by Toscafund Asset Management).
The sale proceeds will be accretive to the regulatory net worth and the CRAR of the company, it said in a disclosure to the stock exchanges.
It has also launched a buyback of all its bonds maturing in the next 12 months, it further said.
With this stake sale in OakNorth Bank, Indiabulls Housing Finance has now raised a total of Rs 1,832 crore as fresh equity in the month of September 2020, which will add to its regulatory equity capital.
Earlier this month, it had raised Rs 683 crore through a qualified institutional placement and Rs 522 crore from the partial stake sale in the bank.
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