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Japan-based Softbank has started the process of selling a 4.5 per cent stake in One97 Communications (Paytm) for about $200 million (around Rs 1,627 crore) in a block deal, according to sources. The development comes immediately after the lock-in period for Paytm’s investors ended. Softbank is the second largest shareholder, with a 17.5 per cent stake in the company.
Spandana Sphoorty Financial will raise up to Rs 300 crore by issuing market-linked rated non-convertible debentures (NCDs) with a base issue size of Rs 200 crore and a green shoe option of Rs 100 crore, the company said in a regulatory filing. The bonds to be allotted on November 22, 2022, have a tenure of 18 months and interest at 11.15 per cent per annum.
Apparel manufacturer Page Industries on Wednesday said it will invest ₹290 crore to set up two facilities in Telangana, which will provide employment to 7,000 local youngsters. It will manufacture garments, including sportswear and athleisure wear, a release said.
Law firm Lakshmikumaran and Sridharan (LKS) on Wednesday said it has advised IndiaMART Intermesh Ltd in relation to the partial sale of its stake in Instant Procurement Services, which operates ‘ProcMart’ a B2B procurement portal for industrial buyers. The deal involves selling of shares held by Tradezeal Online Pvt Ltd, a subsidiary of IndiaMART. LKS assisted in negotiation and finalisation of the transaction documents.
The board of power utility CESC has approved an issuance of 3,000 Non-Convertible Debentures (NCD) worth ₹300 crore to Axis Bank.
Ircon International Ltd said it has emerged as the lowest bidder for a ₹392.5-crore project floated by the Water Resources Department of Madhya Pradesh.
Aurobindo Pharma Ltdhas received an Establishment Inspection Report (EIR) from the US health regulator for its manufacturing facility at Pydibhimavaram in Andhra Pradesh. Unit XI at Pydibhimavaram, an API non-antibiotic manufacturing facility, was inspected by the US Food and Drug Administration (USFDA) in February 2019, and was issued a warning letter in June 2019.
India has raised windfall tax on crude oil to ₹10,200 ($125.22) per tonne from ₹9,500, a government order said on Wednesday. Export tax on diesel has also been cut to ₹10.50 per litre from ₹13 a litre, the order said. Focus will be on Reliance, ONGC and Oil India.
Timken Indiawill be setting up a new Rs 600-crore manufacturing facility at Bharuch, Gujarat to manufacture spherical and cylindrical roller bearings and components thereof. Its existing plant at Bharuch manufactures tapered roller bearings and its components.
Waaree ESS, promoter of Waaree Technologies, bought 4.64 per cent stake in the company via open market transactions on November 15. Its stake in the company now stands at 60.42 per cent, from 55.78 per cent earlier.
Tera Software has received work orders worth ₹46.7 crore from Bharat Electronics for scanning & digitisation - E Mahabhoomi Polygons in 14 districts of Maharashtra. The period for completion of work is 19 months.
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