Sona Comstar: Funds affiliated with Blackstone have sold their balance 20.5 per cent stake in Sona BLW Precision Forgings Ltd. (Sona Comstar). Before the transaction, the Kapur family and Blackstone held 33.03 per cent and 20.5 per cent in Sona Comstar as the auto technology company’s co-promoters. This stake sale happened via bulk deals in the open market, which saw strong demand from Foreign Institutional Investors, Sovereign Wealth Funds, Domestic Mutual Funds and Insurance companies. Marquee investors like the Government of Singapore, Fidelity, FMR, ICICI Prudential Life Insurance and HDFC MF bought shares from Blackstone, it informed the exchanges.
Tube Investments of India Limitedhas been focusing to diversify its business by identifying new growth opportunities and has recently entered into clean mobility, electronics and alternate fuels. In line with our strategy, the company has identified contract development and manufacturing organisation (CDMO) and active pharmaceutical ingredients (API) as its new line of businesses with the potential to grow and expand.
Considering the growth potential in this sector and subject to the approval of the shareholders for amendment to the Objects Clause enabling the Company to foray into CDMO, the company has signed an agreement with N. Govindarajan, a well-recognised professional having rich experience in the Indian pharmaceutical industry, for establishment of CDMO business through a new subsidiary to be incorporated. N Govindarajan will be the Chief Executive Officer of the subsidiary and will be establishing the business and driving its growth and profitability. The company proposes to invest up to ₹285 crore into this subsidiary in the form of equity and compulsorily convertible preference shares in tranches. N Govindarajan will be investing up to ₹15 crore in equity and compulsorily convertible preference shares in tranches
The fund raising committee of Data Patterns India Limited has approved the closure of the QIP. The board determined and approved the issue price of ₹1,220.31 a share, which takes into account a discount of 5 per cent on the floor price of ₹1,284.53 a share, for the Equity Shares to be allotted to the eligible qualified institutional buyers in the Issue.
The board of National Aluminium Company Limited(NALCO) has approved payment of second interim dividend ₹2.50 a share on the paid-up equity share capital of ₹918.32 crore for the financial year 2022-23. The company has fixed March 21 as Record Date.
The board of GAIL India Ltd has approved the payment of Interim Dividend for the FY 2022-23 at 40 per cent (₹4 a share) on the paid-up equity share capital of the company.
The management ofDhanlaxmi Fabrics Limited has decided to carry out major structural renovation for its 30 years old factory building and technological advancement and upgradation for its Plant and Equipments installed and located at its Dombivali Unit including installing BOD, COD online meter. However, the Weaving Unit of the Company located at Kolhapur will remain in operations. The management is planning to start the renovations, reformations and upgradation work from April 1 after receiving necessary approvals from the local authorities and will close down the Dombivali factory unit for 6-8 months till the completion of renovation and upgradation work and process.
Varun Beverages has invested 9.80 per cent of equity share capital (5.68 per cent on fully diluted basis) of Lone Cypress Ventures Private Limited, a special purpose vehicle engaged to supply solar power to consumers in Uttar Pradesh.
The United States Food and Drug Administration (USFDA) has completed an inspection of Lupin’s Bioresearch Centre in Pune. Lupin Bioresearch Centre conducts BA/BE, PK/PD, In-vitro BE and biosimilar studies. The inspection closed without any observation. The Centre has successfully undergone its seventh consecutive onsite inspection, Lupin informed the exchanges.
Fitch Ratings on March 13 revised the outlook on Tata Chemical’s long-term foreign-currency issuer default rating (IDR) to Positive from Stable and affirmed the rating at ‘BB+’.
Surya Roshni Ltdhas obtained total order amounted to ₹96.39 crore (including GST) for supply 3LPE Coated steel pipes from Hindustan Petroleum Corporation Limited for City Gas Distribution (CGD) projects in three geographical areas in Rajasthan, Bihar, Jharkhand and West Bengal.
BL Kashyap and Sons has secured orders from domestic unrelated clients aggregating to ₹158 crore, excluding GST. This includes construction of Business Park Campus at Bengaluru worth ₹89 crore, excluding GST, and construction of Residential Complex at Bengaluru worth ₹69 crore, excluding GST. These projects are expected to be completed within 24 months from the date of award. The current order book of the company stands at ₹2,089 crore, excluding GST.
The board Taylormade Renewables Ltd will be held on March 16 to consider issuance of share warrants on preferential basis, subject to such regulatory approvals.