Stocks that will see action today

ONGC

The Centre will this week sell up to 1.5 per cent of its stake in the country's top oil and gas producer ONGC to raise about ₹3,000 crore. The offer for sale by the government will be open on March 30 and 31, Oil and Natural Gas Corporation (ONGC) said in a stock exchange filing on Tuesday.

The promoter proposes to sell up to 9,43,52,094 equity shares of the company, (representing 0.75 per cent of the total paid-up equity share capital of the company) on March 30, 2022 (to non-retail investors) and on March 31, 2022, (to retail investors) with an option to additionally sell 9,43,52,094 equity shares (in case of oversubscription), it said. The floor price for the OFS has been set at ₹159 per share

Adani Enterprises Ltd

Navi Mumbai International Airport Private Ltd, a subsidiary of Adani Enterprises Ltd, has achieved financial closure for the greenfield international airport project with the execution of financing documents with the State Bank of India (SBI).

The SBI has underwritten the entire debt requirement of ₹12,770 crore for the Navi Mumbai project.

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Tata Consumer Products Limited

Tata Consumer Products Limited (TCPL)has unveiled a reorganisation plan in line with its strategic priority of unlocking synergies and efficiencies. The plan includes the demerger of plantation business of Tata Coffee Limited into TCPL Beverages & Foods Limited, a wholly owned subsidiary of TCPL and the merger of the remaining business of TCL, consisting of its extraction and branded coffee business with TCPL.

Additionally, TCPL proposes to purchase the minority interest in its UK subsidiary, Tata Consumer Products UK Limited by way of a share swap, through a preferential issue of its equity shares.

Marg Limited & Apollo Hospitals Enterprises

Apollo Hospitals Enterprises has acquired Marg Limited’s Junction Mall Project located in Chennai. Marg Limited’s subsidiary Riverside Infrastructure Private Limited owns the project. The acquisition has been completed under SARFAESI Act towards settlement of outstanding dues of lenders, MARG said in a statement to the exchanges. According to report, Apollo Hospitals bought the property for ₹170 crore.

Punjab National Bank

The board of Punjab National Bank has given its approval to raise up to ₹12,000 crore through Basel III compliant AT-1 Bonds (up to ₹5,500 crore) and tier II bonds (up to ₹6,500 crore). The funds will be raised in one or more tranches.

IDBI Bank

The board ofIDBI Bank has granted in-principle approval for divestment of bank’s stake up to 11.10 per cent of paid-up share capital of National Securities Depository Ltd through market driven process. It also approved to sell IDBI Bank’s entire stake of 20 crore equity shares in Ageas Federal Life Insurance Company Ltd to Ageas Insurance International NV (Ageas) pursuant to exercise of Call Option by Ageas.

Welspun Corp's

Welspun Corp's Saudi Arabiaassociate East Pipes Integrated Company for Industry has announced that it has won an order of SAR 497 million (approximately about ₹1,000 crore) including value added tax from Saline Water Conversion Corporation (SWCC).

Lemon Tree Hotels

Lemon Tree Hotels has announced its latest signing under Aurika Hotels & Resorts - Luxury by Lemon Tree Hotels, with Aurika, Rishikesh in Uttarakhand. Located in Narendra Nagar, the greenfield project is expected to open in March 2025. The property is owned by Kedar Ganga Hotels and Resorts Pvt. Ltd., and will be operated through Carnation Hotels Pvt. Ltd., a subsidiary and management arm of Lemon Tree Hotels Ltd.

Strides Pharma Science

Strides Pharma Science has announced that Dr R Ananthanarayanan has decided to depart as Managing Director (MD) and Chief Executive Officer (CEO) of Strides, effective March 31, 2022, to pursue his personal interests outside the organisation. Consequently, Arun Kumar, Founder, will return to Strides in an executive role and assume the position of Executive Chairperson and Managing Director effective April 7, 2022.

Lumax Industries

Lumax Industries has commenced its commercial production at its new manufacturing plant at North Kotpura, Chharodi, Sanand, Ahmedabad, Gujarat.

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