HDFC Asset Management Companyhas informed the stock exchanges that its promoter, abrdn Investment Management, will sell its entire 10.2 per cent stake in the company. “The company is in receipt of letter from abrdn Investment Management, one of the promoters holding 10.21 per cent of the paid-up share capital of the company, intimating their intention to sell the entire stake in the Company subject to applicable regulatory provisions,” HDFC AMC said. Following the stake sale, abrdn will cease to be a co-sponsor of HDFC Mutual Fund, the AMC added.

Private equity firm Marina III Singapore Pte on Tuesday divested its entire 5.48 per cent stake in engineering company Craftsman Automation Ltd for ₹370 crore. According to BSE bulk deal data available, Marina III Singapore Pte offloaded 11,56,808 shares at an average price of ₹3,200 a scrip.

Siemens has emerged as the lowest bidder for a project for manufacturing 1,200 electric locomotive of 9000 HP (horse power) worth over ₹20,000 crore at Dahod in Gujarat. Indian Railways had floated the tender for manufacturing and maintenance of 9,000 HP electric locomotives at Dahod in April this year.

IDBI Bankwould continue its primary dealer business even if a foreign bank acquires majority stake and management control in the private sector bank, the finance ministry said on Tuesday. As part of the primary dealer activity, IDBI Bank is involved in market making activities in respect of G-Secs, including T-bills. IDBI’s treasury actively participates in primary auction of government bonds. The Centre, earlier nvited bids for privatising IDBI Bank and said that it along with LIC will sell a total of 60.72 per cent stake in the financial institution. The last date for putting in Expression of Interest (EoI) or preliminary bids is December 16. The successful bidder would be required to make an open offer for acquisition of 5.28 per cent of the public shareholding.

Debt-ridden Vodafone Idea’s proposal to issue ₹1,600-crore debentures to mobile tower vendor ATC Telecom Infrastructure has lapsed in absence of any response from the government on the conversion of interest dues into equity, the telecom operator said on Tuesday.

Protests by locals against the Adani Vizhinjam International Seaport project (of Adani Ports & SEZ) were called off on Tuesday. The government has already informed the protestors that construction work at the port site will not be stopped. It has reportedly accepted all the demands of the protestors. A monitoring committee was formed with the chief secretary as its head to ensure that all the demands of the protestors are met. Protests were held nearly 138 days.

Dish TVhas announced the appointment of three new independent directors to the board of the company, which is the first major appointment after the departure of its former promoter-backed chairman Jawahar Lal Goel. Besides, the company also announced the resignation of Rajeev Kumar Dalmia, its executive director, from the board with effect from the close of business hours on Tuesday, Dish TV said.

Ircon International has received order for signalling and telecommunication system from Sri Lanka Railways, Ministry of Transport, Sri Lanka. The order worth ₹122 crore is under Indian line of credit.

Dyancons Systems and Solutions has received ₹116 crore private cloud solution order for Union Bank of India. The order covers supply, installation, and maintenance for hyper-converged infrastructure and software solution for the bank’s on-Premises Private Cloud from Union Bank of India.

Related Topics
comment COMMENT NOW