The Government will, on Thursday, sell up to 5 per cent stake in IRCTC through an offer for sale (OFS) at a floor price of ₹680 a share. The OFS includes base issue size of 2 crore shares or 2.5 per cent stake, with a greenshoe option to retain over-subscription of another 2.5 per cent, taking the total issue size to 4 crore shares or 5 per cent stake. While QIBs can subscribe on Thursday, the window will open for retail investors on Friday.
Poonawalla Fincorp, the non-banking arm of the vaccine major, Cyrus Poonawalla Group, on Wednesday, announced sale of its housing subsidiary, Poonawalla Housing Finance, to private equity major, TPG, for ₹3,900 crore. The transaction, subject to regulatory approvals, is being carried out by TPG global arm, Perseus SG, the statement said, adding the deal is part of its effort to maximise shareholder value and to focus on consumer and MSME financing by building a tech-led financial services company.
The board of State Bank of India has approved raising capital by way of issuance of Basel III compliant debt instrument in INR and / or any other convertible currency. The sum that can be raised till FY24 is up to ₹10,000 crore. This is subject to concurrence from the Government of India.
AstraZeneca Pharma India has said Gagandeep Singh Bedi has resigned from the post of Managing Director. The drug firm said it has approved the appointment of Sanjeev Panchal as its Managing Director for a period of three years with effect from January 1, 2023. Panchal had joined AstraZeneca Pharma in February 2003 as Brand Associate and progressed through several positions in India, Indonesia, Asia Pacific, and the international region, based in Singapore and the United Kingdom, it said.
The promoter of VRL Logistics, on Wednesday, offloaded a 5.4 per cent stake through a bulk deal window on the NSE. Vijay Basavanneppa Sankeshwar sold 47.92 lakh shares at an average price of ₹570, taking the transaction value at ₹273.14 crore.
A committee of directors of State-owned Power Grid Corporation of India Limited has approved a proposal to invest ₹330.61 crore in a transmission project. The committee has accorded investment approval for transmission system for evacuation of power from REZ in Rajasthan (20GW) under Phase-III Part-J.
Thermax has informed the exchanges that the Mumbai bench of the Customs, Excise, and Service Tax Appellate Tribunal (CESTAT) has set aside the demand notice worth ₹1,381.55 crore form excise department against it and group firms.
Wiprohas announced the launch of new financial services advisory company, Capco, in the Middle East. Capco will offer strategic management and technology consulting capabilities to financial service firms in the Middle East to enable their transformation, digitisation, and business consolidation initiatives.
US Federal reserve raises interest rates by 50 bps, highest since 2007The decision follows four consecutive 75 basis-point hikes that have boosted rates at the fastest pace since Paul Volcker led the central bank in the 1980s
Tata Motorshas inked a pact with Everest Fleet Pvt Ltd to supply 5,000 units of XPRES-T EVs. As part of the deal, the company handed over 100 units to Mumbai-based Everest Fleet on Wednesday.
Power trading company, PTC India, has roped in SBI Capital Markets as consultant for monetising investments in its arm, PTC Energy. SBICAPS will conduct an analysis of investments to suggest future strategy to be adopted for divestment/holding of the investment in its subsidiary company, PTC Energy Ltd, it said.
Bioconhas initiated a clinical study in collaboration with Equillium Inc to evaluate efficacy of Itolizumab in patients with Ulcerative Colitis. This is a phase two randomised, double-blind, parallel-group, placebo and active-controlled (adalimumab), two treatment period study to evaluate the safety and efficacy of Itolizumab for the induction of remission in biologics naive patients with moderate to severely active Ulcerative Colitis (UC), Biocon said in a statement.
JB Chemicals & Pharmaceuticals has inked a pact with Glenmark Pharmaceuticalsto acquire Razel (Rosuvastatin) franchise for India and Nepal for ₹314 crore. The transaction is expected to be closed within the next two weeks subject to customary closing formalities, the Mumbai-based drug maker said in a statement.
Torrent Pharmaceuticals has signed a pact with Boehringer Ingelheim India to co-market diabetes drug and its combinations in the country. The company has inked an agreement to jointly sell Cospiaq (Empagliflozin), Cospiaq Met (Empagliflozin+ Metformin), and Xilingio (Empagliflozin+ Linagliptin).
IDBI Bank, as a ‘financial creditor,’ has filed under Section 7 of the Insolvency and Bankruptcy Code, 2016, before the National Company Law Tribunal, Mumbai Bench for initiation of Corporate Insolvency Resolution Process against the Zee Entertainment Enterprises Ltd.
The board of Ramkrishna Forgings Ltd has approved the Securities Subscription Agreement and Shareholders’ Agreement with Tsuyo Manufacturing Private Limited and its promoters, Lalit Baid, Vijay Kumar, Tapas Ranjan Patra, and Tripurari Kumar, for the acquisition up to 51 per cent voting rights in TSUYO, in a phased manner and at the discretion of the company.
Sensex, Nifty likely to open weak on US Fed’s ‘tough’ stanceAnalysts expects low participation from traders
Utkal Coal Ltd, subsidiary of Indian Metals and Ferro Alloys Ltd, has received the compensation of ₹20.69 crore towards reimbursement of statutory expenses from Ministry of Coal today for its Utkal ‘C’ coal block, consequent upon the issuance of its vesting order to the new allottee.
NTPC Ltd has declared commencement of commercial operation of second part capacity of 67.73 MW out of 230 MW Ettayapuram Solar PV Project from December 15. The first part capacity of 162.27 MW has already been declared to be on commercial operation from December 10. With this, standalone installed and commercial capacity of NTPC will become 58109 MW, while group installed and commercial capacity of NTPC will become 70724 MW.
Kamat Hotels will be issuing up to 58.96 lakh warrants each convertible into one equity share within eighteen months at a price of ₹97 each aggregating up to ₹57.19 crore on a preferential basis to promoters and members of the promoter group and non-promoter person. Besides, the company will raise ₹350 crore by private placement of non-convertible debentures.
Shriram Properties has acquired “Golden Ira”, a plotted development project of Golden Gates Group in North Bangalore. The project was a stressed asset with lending entities part of the IIFL Group. The transaction involves capital commitments of up to ₹125 crore towards the acquisition and the development of the project and has an aggregate saleable area of about 10 lakh square feet.
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