The mandatory open offer to the shareholders of Lotus Chocolate Company from Reliance Retail, part of Mukesh Ambani-owned Reliance Industries, which in December acquired a 51 per cent stake in the company, opens today. RIL has announced an open offer to acquire a 26 per cent additional stake in the chocolate maker, at ₹115.50 a share. The open offer closes on March.
In a significant development in the field of rail-based mass transit, the Delhi Metro today launched India’s first ever indigenously developed Train Control and Supervision System, jointly developed by Navratna Defence PSU Bharat Electronics Limited (BEL) & Delhi Metro Rail Corporation (DMRC), the i-ATS (Indigenous - Automatic Train Supervision) for operations on its first corridor, Red Line (Rithala to Shaheed Sthal).
Central Bank of India has entered into a strategic co-lending partnership with M/s. Moneywise Financial Services Private Limited to offer MSME loans at competitive rates, subject to compliance with the applicable law(s), including the applicable guidelines issued by the Reserve Bank of India (RBI). The participation by both entities in this co-lending arrangement will result in greater expansion of portfolio by Central Bank of India and Moneywise Financial Services Private Limited.
Duke Offshore Limited has been awarded a contract for its vessel, Duke Express. The contract has been awarded by a multinational corporation and will be executed in The Republic of Maldives where the vessel will provide support for dredging operations. The vessel will be relocated abroad and the contract will commence in March 2023 for a period of one year plus optional extensions.
Bharat Petroleum Corporation Limited (BPCL) plans to raise up to ₹1,500 crore during FY23 through private placement of unsecured non-convertible debentures subject to market conditions. The debentures are proposed to be listed on the Debt Market segment of BSE Ltd and NSE Ltd. The details of the issue viz., class of investors, issue price, tenor, interest rate etc., will depend on the market conditions, which will be announced on the crystallisation of the issue.
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BEML Limited, a leading manufacturer of indigenous Metro Rolling Stock in India and a schedule ‘A’ company under the Ministry of Defence, has signed a Memorandum of Understanding (MoU) with Delhi Metro Rail Corporation (DMRC) led SPV, which has been shortlisted for constructing the Bahrain Metro Rail Project Phase-1. As a part of this MoU, BEML will be responsible for manufacturing and supply of Metro Rolling Stock and DMRC will provide expertise in the fields of project development, budgeting, and facilitating of contractual obligations.
Star Housing Finance Limited has accepted the loan facility of ₹2 crore sanctioned by Sundaram Home Finance Limited.
ACC and Ambuja Cements will resume operations at two plants in Himachal Pradesh after resolving freight issues in the state. The companies stopped operations in Himachal Pradesh in December after failing to find a solution to soaring transportation costs.
NHPC Limited has raised ₹996 crore through Unsecured, Redeemable, Non-convertible, Non-cumulative, and Taxable 7.59% AD series bonds on Private placement basis.
Lokesh Machines Limited has entered into an Incubation Agreement with Raja Ramanna Centre for Advanced Technology, Government of India, Department of Atomic Energy (DAE), Indore.
The board of GG Dandekar Machine Works has approved discontinuing and closing down the operations, including manufacturing activities at Butibori Plant situated at Nagpur, Maharashtra with immediate effect.
Seacoast Shipping Services Limited has signed a new business contract with Maria Shipping Fze., Dubai, for providing shipping and logistic services effective from April 1 for a period of one year and can be renewed further. The tie-up will translate to an additional revenue of around ₹100 crore per annum, it said.
Asian Paints (Polymers), a subsidiary of Asian Paints Ltd, has entered into an agreement with the Gujarat Government to set up a manufacturing facility for vinyl acetate-ethylene emulsion (VAE) and vinyl acetate monomer (VAM) at Dahej. It will make necessary disclosures on any material developments in this regard from time to time.
JK Tyre & Industries plans to raise ₹240 crore by executing a subscription and policy rights agreement with International Finance Corporation for issuance of 24,000 compulsorily convertible debentures (which carries an interest rate of 6 per cent per annum, compounded cumulatively on a quarterly basis) at face value of ₹1 lakh each of the company to IFC by way of a preferential issue on a private placement basis.
GR Infraprojects has emerged as L1 (lowest) bidder for two projects, for which tenders were invited by the National Highways Logistics Management. The projects include the development, operation, and maintenance of Ropeways from Gaurikund to Kedarnath and from Govind Ghat - Ghangaria - Hemkund Sahib in Uttarakhand on Hybrid Annuity Mode, with a cost of ₹1,875 crore and ₹1,738 crore, respectively.