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Our Bureau Chennai | Updated on August 12, 2021

New exchanges should be encouraged to operate in niche areas   -  istock

PowerGrid, Mangalam Drug, Heidelberg, Ashiana Housing in focus

The board of Power Grid Corporation of India has approved a proposal to infuse fresh equity of up to Rs 425 crore in Energy Efficiency Services (EESL), a joint venture company of PowerGrid, NTPC, PFC and REC.

Leading alcoholic beverages manufacturer, Tilaknagar Industries Ltd (TI), has appointed Ameya Deshpande as Head - Corporate Development and Strategy, with immediate effect. Having worked as an investment banker and analyst for over 13 years with leading banks and organisations, Deshpande will be responsible for further strengthening investor relations.

Mangalam Drugs & Organics Ltd has entered into a Technology Transfer Agreement with a $70-million pharmaceutical company/group in Nigeria, Africa. Under the agreement, the company will provide them in-house developed technology for manufacturing certain Anti-Malaria Active Pharmaceutical Ingredients (APIs) on a limited, non-transferable and exclusive licence basis for a certain agreed territory; and consultation and relevant designs for setting up an API manufacturing facilityThe API facility is expected to become operational in 15 to 18 months, and as part of the agreed fixed consideration for the technology transfer, the company would also be entitled to receive a 2 per cent royalty on sales for the next 20 years. The company has received an advance/token payment of $500,000 towards the agreed fixed consideration, which is reflected as an advance in the books of accounts of the company for the quarter ending June 30, 2021.

HeidelbergCement India has entered into Power Purchase Agreement, Share Subscription Agreement and Shareholders Agreement with Lalganj Power (LPPL) for subscribing to 36,36,364 equity shares of Rs 10 each of LLPL at a premium of Rs 3.2 a share, aggregating to Rs 4.8 crore in order, to procure around 22 Gigawatt hours per annum of solar power under captive arrangement for operating its plant located at Madora, Uttar Pradesh.

The board of directors of TPL Plastech Ltd has recommended the bonus issue of equity shares in the proportion of 1 (One) equity share of a face value of Rs 10 each for every 1 (one) equity share of a face value of Rs. 10 each held by the shareholders as on the record date, subject to the approval of shareholders in compliance with the applicable laws.

Edelweiss Financial Services Ltd (EFSL) has announced the public issue of Secured Redeemable Non-Convertible Debentures (NCDs) of the face value of ₹1,000 each, amounting to ₹200 crore (base issue), with an option to retain over-subscription up to ₹200 crore, aggregating to a total of ₹400 crore. There are eight series of NCDs carrying fixed coupon and having a tenure of 36 months, 60 months and 120 months, with annual, monthly and cumulative interest option. The effective annual yield for NCDs ranges from 9.09 per cent to 9.70 per cent.

Ashiana Housing Ltd has uncovered a fraud at one of its locations. The investigations indicate that the potential loss from the fraud is around Rs 2.37 crore. The cmpany will take all necessary actions to recover the amount. It is in the process of reviewing its internal processes to prevent a recurrence. The company has also decided to provision 50 per cent of this potential loss in Q1 of the current financial year.

Published on August 12, 2021

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