Buzzing stocks: TCS, Aditya Birla AMC, Tata Steel, Ashok Leyland, IL&FS

Aditya Birla Sun Life AMC on Monday said its promoters Aditya Birla Capital Ltd and Sun Life (India) AMC Investments Inc, proposes to sell 7 per cent of their stake or 2.01 crore shares for ₹900 crore by way of an offer-for-sale (OFS) through stock exchange mechanism. At the base offer, promoters would raise ₹900 crore, while with the green shoe option they would raise about ₹1,487 crore. The two-day OFS opens on Tuesday and closes on Wednesday, it said.

Also read: Aditya Birla Sun Life AMC promoters to offload 10% via OFS

Tata Steel has decided to cease operations of the coke ovens at the Port Talbot plant in the UK. It will increase import of coke to offset the impact of the coke oven closures, Tata Steel said in a regulatory filing. “As a further update on its operations in the UK, Tata Steel UK has decided to cease operations of the coke ovens at the Port Talbot plant, in Wales, following a deterioration of operational stability,” the filing added.

Autonomous driving technology startup Minus Zero has entered into an alliance with commercial vehicle maker Ashok Leyland for autonomous trucking solutions. The initial focus of this collaboration will be on developing tailored autonomous trucking solutions for ports, factory operations and corporate campuses, the company said in a statement.

The board of debt-ridden IL&FS has moved an urgent application before the appellate tribunal NCLAT to restrain 11 public sector lenders from initiating proceedings to declare its group companies as “wilful defaulters”. In its petition, IL&FS said it is aggrieved by the “blatant violation and disregard” of previous NCLAT orders by the banks. IL&FS also charged banks of taking procedural action under the garb of the RBI guidelines and “harassing the Directors of the IL&FS companies”.

Tata Consultancy Services promoter Tata Sons is likely to sell a minority stake in the IT major. TCS-promoter Tata Sons is planning to sell up to 2.34 crore shares, representing a 0.64 per cent stake in the company through block deals. The offer price for the block deal is likely ₹4,001 per share, which is a 3.45 per cent discount compared to Monday’s closing price for TCS.

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