Stocks

Stocks that will see action on June 30

K. S. Badri Narayanan | Updated on: Jun 30, 2022

Buzzing stocks: Biocon Ltd, Electrotherm (India) Ltd, Veranda Learning Solutions Ltd, Minda Industries, Wonderla Holidays, Pritika Engineering Components Ltd

Biocon Ltd on Wednesday said it will acquire 26 per cent stake in AMPYR Renewable Energy Resources Eleven Pvt Ltd (AREREPL) for Rs 7.5 crore. AREREPL, incorporated on April 13, 2021, is a special purpose vehicle formed for generation and supply of solar power. It will develop a 30 MWac solar power plant at Benkanhal village in Karnataka, Biocon said in a regulatory filing.

Electrotherm (India) Ltd has accepted the compromise/ one-time settlement letter of Central Bank of India for its outstanding loans/ credit facilities.  The company has availed of packing credit limit, short-term loan and non-fund based Letter of Credit limits, having a total outstanding ledger balance of Rs 383.83 crore (outstanding restructured balance as per books of the company of Rs 436.13 crore, including interest) in 2010 and 2011 from Central Bank of India, having subservient charge on the movable/ immovable assets of the company. There has been a default in repayment of loan/ credit facilities since March 2012.

The board of Veranda Learning Solutions Ltd has approved a binding term sheet for acquisition financing of euro 30 million to Veranda Learning Solutions North America, Inc, a wholly-owned subsidiary, for funding acquisitions. The providing of Corporate Guarantee and execution of Corporate Guarantee Agreement in relation to payment to be availed by Veranda US as a collateral in terms of the Binding Term Sheet and the loan agreement proposed to be entered into between Veranda US and lenders. Execution of a Loan Agreement between the company and Veranda US in relation to the infusion of funds to the extent of $9,10,000 by the company on arms’ length basis has been recommended by the Audit Committee.

Minda Industries has acquired 4,48,162 equity shares (5.24 per cent stake) in FRIWO AG, Germany, by investing Euro 14.99 million. The investment has been made after obtaining the requisite approvals, including the Reserve Bank of India under Overseas Direct Investment guidelines.

Wonderla Holidays has signed an agreement with the Odisha Government for leasing about 50 acres towards development of an amusement park project in Kumarbasta Village, Khorda District, Bhubaneswa.

The Board of SMC Credits has approved the issuance of equity shares (fully paid-up) on rights basis to eligible shareholders as on the record date (to be decided subsequently) for an aggregate amount not exceeding Rs. 15 crore.

The board of directors of Pritika Engineering Components Ltd, a material subsidiary of Pritika Auto Industries, has considered and recommended raising capital through an Initial Public Offering  up to Rs 12 crore from fresh issue of capital, at a price to be determined in consultation with the book running lead managers/ lead manager.

Published on June 30, 2022
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