Bank of Baroda
The bank on Friday said it has subscribed to 99,000 shares of asset reconstruction company India Debt Resolution Company Ltd (IDRCL). The bank further said its equity stake of 12.30% in IDRCL will be reduced to 9.90% by March 31, 2022.
The Phoenix Mills
Phoenix Mills will make Classic Mall Development Company as its wholly-owned subsidiary after buying a 50 % stake from Crest Ventures and Escort Developers. The company will pay Rs 918 crore to acquire a 50 % stake in Classic Mall Development Company which owns Phoenix Marketcity Chennai with a chargeable area of approximately 1 million square feet in Velachery, Chennai.
Kotak Mahindra Bank (KMBL)
The bank has partnered with Ezetap to provide integrated Point of Sale (PoS) solutions across 4,000 locations in India. The initiative will further strengthen the Bank’s presence in the digital payments market space.
Crest Ventures
Crest Ventures and its wholly-owned subsidiary Escorts Developers will get Rs 918 crore by selling a 50 % stake in Classic Mall Development Company, to Phoenix Mills. Crest Ventures held a 46.35 % stake and its wholly-owned subsidiary Escorts Developers has 3.65 % in Classic Mall Development Company. The stake sale is expected to be completed tentatively by April 2022.
Mahindra & Mahindra (M&M)
The company’s subsidiary– Mahindra Electric Mobility (MEML) has partnered with Common Service Centres (CSC), a government organization that helps provide employment in rural India, to promote the adoption of electric vehicles.
Equitas Small Finance Bank
The bank will receive Rs 550 crore from qualified institutional investors as it has approved the allotment of 10.26 crore equity shares at an issue price of Rs 53.59 per share. The QIP issue was opened for bidding during February 14-18.
Indian Oil Corporation (IOC)
The company is planning to raise Rs 1500 crore in this regard it has issued 15000, 6.14% Unsecured, Listed, Rated, Taxable, Redeemable, Nonconvertible Debentures (NCDs) (Series – XXI) having face value of Rs 10 lakh each on Private Placement basis on February 18, 2022.
Gujarat Mineral Development Corporation
The Environment ministry has allowed GMDC to increase mining activity at lignite mines in Tadkeshwar, Surat. The country’s largest lignite seller has received an amendment to its environment clearance from the Ministry of Environment and Forest to mining up to a depth of 135 meters, from 94 meters earlier at the lignite mines.
Federal Bank Ltd
The company’s arm Fedbank Financial Services Ltd (FedFina) has filed draft papers with the Securities Exchange Board of India to raise funds via an initial public offering. The IPO consists of a fresh issue of Rs 900 crore and an offer for sale (OFS) of up to 45.71 million shares by its existing shareholders and promoters
Escorts
The tractor maker will receive Rs 1,872.74 crore from Kubota Corporation as it approved preferential allotment of 93.63 lakh equity shares at Rs 2,000 per share. After the allotment, Kubota Corporation holds a 16.39 % stake in Escorts.
Vedanta
The company has earmarked $15 billion for a foray into the electronic chip and display manufacturing space and plans to scale up the investment to as much as $20 billion
Hazoor Multi Projects
The company has bagged orders worth Rs 6.54 crore from Varaha Infra. The work order is for completion of balance work of ‘national highway No 548-A from section Waken Pali to 2 lanes with paved shoulder.
Infosys
The company has joined Guidewire PartnerConnect as a Consulting alliance member at the Select level for the Americas.
Power Finance Corporation
Life Insurance Corporation of India sold a 2.02% stake in the company via open market transactions. As a result, its shareholding in the company reduced to 5.06 %, from 7.09 % earlier.
