ONGC
The Government of India proposed to sell more than 9.43 crore equity shares (0.75% of the total paid-up equity) through an offer for sale on March 30 and March 31. The government also has an option to sell another lot of more than 9.43 crore equity shares via OFS, collectively representing a 1.5% stake. The floor price for the offer has been fixed at Rs 159 per share.
SBI Life Insurance Co Ltd
CANADA PENSION PLAN INVESTMENT BOARD sold 55,83,625 shares of SBI Life Insurance Co Ltd at Rs 1068.35 per share on NSE.
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InterGlobe Aviation
Jiten Chopra has resigned as Chief Financial Officer (CFO) of the company. The board has approved the appointment of Gaurav Negi as the new CFO.
Hero MotoCorp
The two-wheeler maker will increase the ex-showroom prices of its motorcycles and scooters, with effect from April 5, 2022, to partially offset the impact of increasing commodity prices. The price increase will be up to Rs 2,000 and the exact quantum of increase will be subject to specific models and the market.
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Infrastructure Leasing & Financial Services (IL&FS)
The Union Government has appointed CS Rajan as Chairman and Managing Director of Infrastructure Leasing & Financial Services (IL&FS) for a period of six months with effect from April 3, the company announced in a press conference on March 29. Till March-end, the infra behemoth has been able to resolve debt amounting to Rs 55,000 crore. Of the total debt of Rs 55,000 crore, Rs 21,000 crore of debt has been discharged by way of monetisation of assets and debt repayment, largely to public sector lenders.
Rail Vikas Nigam
The company has signed a memorandum of understanding (MoU) with a wholly-owned subsidiary of JK Cement – Jaykaycem (Central). The MoU is for the development of a 50-km long new railway line between Devendra Nagar and Puraina in West Central Railway in Madhya Pradesh through SPV mode.
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Cyient
Cyient has launched a pre-built solution for managed Firmware over-the-Air (FOTA) updates from its CyientflQ innovation platform.
IDBI Bank
The board has granted in-principle approval for divestment of the bank’s stake up to 11.10% in the National Securities Depository (NSDL) through a market-driven process, and also approved selling the bank’s entire stake in Ageas Federal Life Insurance Company to Ageas Insurance International NV (Ageas), pursuant to exercise of a Call option by Ageas.
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Kirloskar Electric Company
The company has executed a sale deed effecting the sale of the company’s non-core asset situated at Punjgutta, Hyderabad for a consideration of Rs 3 crore.
Alembic Pharmaceuticals
The company has acquired the balance 40% stake in Aleor Dermaceuticals from its JV Partner Orbicular Pharmaceutical Technologies (Orbicular) to strengthen its skin-related manufacturing and marketing footprint.
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Lemon Tree Hotels
The company has signed a License Agreement for a 132-room hotel project at Rishikesh in Uttarakhand under the company’s brand Aurika Hotels & Resorts – Luxury. The hotel is expected to be operational by March 2025. Carnation Hotels, a subsidiary and the hotel management arm of the company, will be operating and marketing this hotel.
Ashoka Buildcon
The company has emerged as the Lowest Bidder at the Financial Bid Opening dated March 29, 2022, for the National Highways Authority of India (NHAI) project of ‘Development of 6 lane Access Controlled Greenfield highway from KM 162.500 to KM 203.100, Baswantpur to Singondi Section of NH 150 C (Package 4 of Akkalkot KNT of TS Border) on Hybrid Annuity Mode (HAM) under Bharatmala Pariyojana’.
