Trending Stocks: Vedanta, RBL Bank, IIFL Finance and others in news today
Vedanta Limited has started iron ore mining operations in Liberia
RBI has apppointed R Subramaniakumar as the CEO of RBL Bank
Lemon Tree Hotel has signed a licence agreement for a 44-room hotel in Vishakhapatnam
Billionaire Anil Agarwal-owned Vedanta Limited has started iron ore mining operations in Liberia over a decade after it acquired the necessary rights as the Ebola epidemic disrupted its plans. Western Cluster (WCL), a step-down subsidiary of Vedanta, had signed an agreement with the Liberian government for three iron ore mines namely Bomi, Bea and Mano in 2011. The company has its groundbreaking ceremony at the Bomi mine on Wednesday, as per a regulatory filing Vedanta.
The Reserve Bank of India (RBI) has approved R Subramaniakumar’s appointment as the MD & CEO of RBL Bank, the private lender told exchanges. Subramaniakumar is the former managing director and chief executive director of state-run Indian Overseas Bank, retiring on June 30, 2019. He was appointed the administrator of Dewan Housing Finance Co Limited after the mortgage financier’s board was superseded. Subramaniakumar has been appointed at RBL for three years from the date of taking charge.
British International Investment Plc (formerly known as CDC Group Plc) sold 1.6 crore shares in the company via open market transactions on June 10. With this, its shareholding in the company stands decreased to 3.557% from 7.772%. However, Max Life Insurance Company bought 24.6 lakh equity shares in the company and Nomura India Investment Fund Mother Fund acquired 44,74,548 shares at an average price of Rs 325.1 per share.
Lemon Tree Hotels
The company has signed a licence agreement for a 44-room hotel in Gajuwaka, Vishakhapatnam, Andhra Pradesh under its brand “Keys Lite by Lemon Tree Hotels”. The hotel is expected to open by March 2023. Carnation Hotels Private Limited, a subsidiary and the hotel management arm of the company, will handle this property.
Jammu & Kashmir Bank
The bank board has approved the appointment of Pratik D Punjabi as the Chief Financial Officer.
Astron Paper & Board Mill
The company reported a sharp decline in consolidated profit at Rs 0.32 crore for the quarter ended March 2022 against a profit of Rs 6.8 crore in the same period last year, dented by muted revenue and lower other income. Revenue declined to Rs 143.2 crore from Rs 143.8 crore during the same period.
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The company proposed to acquire the entire equity share capital in five special purpose vehicles – three toll-road infrastructure assets (Simhapuri Expressway, Rayalseema Expressway, Mumbai Nasik Expressway) and two annuity infrastructure assets (Kosi Bridge Infrastructure Company, and Gorakhpur Infrastructure Company) - from BIF India Holdings Pte Ltd and Kinetic Holdings I Pte Ltd. Both entities (BIF and Kinetic) are owned by funds managed by Brookfield Asset Management Inc and its affiliates. The payment for the proposed transaction is based on a cumulative gross enterprise value of Rs 8,940.9 crore.
Krishna Institute of Medical Sciences
Mirae Asset Mutual Fund acquired 1,08,472 equity shares in the company via open market transactions on June 9. With this, its shareholding in the company stands increased to 8.23% from 8.1%.