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Tuesday, September 27, 2022

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Adani Ports, SBI, SpiceJet, Vedanta, RIL, Tata Power, Kirloskar Oil

  • Adani Ports And Special Economic Zone: The company has won a Rs 25,000 crore project to the Tajpur deep sea port in West Bengal. The greenfield project will see Rs 15,000 crore utilised toward port development and the rest toward building related infrastructure.

    Meanwhile, Avantika Singh Aulakh, VC and CEO, Gujarat Maritime Board, has resigned from Adani Port’s board.

  • State Bank of India: State Bank of India has raised Rs 4,000 crore Basel III compliant Tier 2 bonds at coupon rate of 7.57%. The bonds have a tenor of 15 years with a call option after 10 years and on anniversary dates thereafter.

  • Reliance Industries: The company’s CFO Alok Agarwal plans to sell 2.25 lakh shares between May 10 to August 31, 2023. He also will gift 1.25 lakh shares between May 10 to May 31, 2023.

  • SpiceJet: Aviation regulator DGCA has extended the 50% limit on SpiceJet’s number of flight departures until Oct. 29 as a matter of ‘abundant caution’. The airline will be subjected to “enhanced surveillance” during this period, DGCA said.

  • Vedanta: The Union Cabinet has approved tweaks in the scheme for semiconductors and display manufacturing ecosystem. Under the modified program an uniform fiscal support of 50% of project cost shall be provided for semiconductor fabs across all technology nodes. The reformed scheme will also provide fiscal support of 50% of capital expenditure for setting up of compound semiconductors/silicon photonics/sensors/discrete semiconductors fabs.

  • Reliance Industries/Adani Enterprises/Tata Power: The Union Cabinet approved a Rs 19,500-crore production linked incentive scheme on ‘national programme on high efficiency solar PV modules’ with an aim to attract Rs 94,000 crore investment in the sector.

  • Kirloskar Oil Engines: The company will acquire balance stake in Ahmedabad-based La-Gajjar Machineries, making the latter a 100% subsidiary. It had acquired 76% stake in LGM in 2017 with an agreement that the balance holding will be acquired over a 5-year period.

  • Kirloskar Oil Engines has also appointed Anurag Bhagania as chief financial officer, with effect from Sept. 22.

  • Future Enterprises: The Registrar of Companies, Mumbai has granted the company an extension of three months for holding the AGM for fiscal ended March 2022, i.e., by December 31, 2022.

  • Megasoft: The company has paid over Rs 56 crore to Extrovis AG for 15.25% of additional equity stake in the second tranche of acquisition.

  • DLF: DLF Cyber City Developers, a material subsidiary unit of DLF, has allotted 5,000 NCDs to raise Rs 500 crore.

  • IDBI Bank: The bank has completed the sale of its entire stake in Ageas Federal Life Insurance Company to Ageas Insurance International NV. IDBI Bank sold 20 crore shares, representing 25% stake in AFLI, to Ageas.

  • Punjab National Bank: The bank has raised Rs 658 crore through Basel Ill compliant additional Tier-I capital bonds at a coupon of 8.3%.

  • Ashoka Buildcon: The company has won a project worth Rs 258.12 crore from South Western Railway for construction of new BG line, including electrical and telecommunication works, on engineering, procurement and construction mode. The project is to be completed within 24 months.

  • Heritage Foods: The board of the company will meet on Sept. 30 to consider and approve raising of funds by way of issue of equity shares on a rights issue basis.

  • PB Fintech: The company has invested around Rs 650 crore in its wholly owned subsidiary Policybazaar Insurance Brokers, and another Rs 250 crore in wholly owned subsidiary Paisabazaar Marketing and Consulting.

  • Triveni Engineering & Industries: The company has divested its entire stake in Triveni Turbine, representing 21.85% of the entire shareholding of the latter. The company sold 10% stake to Rati Sawhney, an existing promoter, and the remaining 11.85% stake to various global and domestic investors through block trading window.

  • KPI Green Energy: The company has a new received a new order from Greenlab Diamonds, Surat for executing wind-solar hybrid power project of 5.40 MW capacity under the ‘captive power producer business segment.

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