Landmark Cars, Abans Holdings, Reliance, Yes Bank, and Others
Nifty futures on the Singapore Exchange traded 107 points, or 0.57 per cent lower at 18,071., signaling that Dalal Street was headed for a negative start on Friday.
Landmark Cars: Landmark Cars share is expected to be listed on the bourses today. The Initial Public Offer (IPO) of automobile dealership chain Landmark Cars got subscribed 3.06 times on the last day of subscription on Thursday, helped by huge interest from institutional buyers. The initial share sale received bids for 2,46,45,186 shares against 80,41,805 shares on offer.
Abans Holdings: The Abans Holdings IPO is expected to debut on the bourses today. Abans Holdings Limited has raised Rs 346 crores through this IPO. The price band is fixed at Rs 256 per share to Rs 270 per share at a face value of Rs 2 each. About Rs 80 crore proceeds from the fresh issue will be used to invest in the company’s NBFC subsidiary, Aban Finance for financing the augmentation of its capital base to meet its future capital requirements.
Reliance Industries: Reliance Industries-backed Reliance Strategic Business Ventures (RSBVL) on Thursday acquired a 23.3% stake in Exyn Technologies (Exyn) for a total consideration of $25 million. This deal is expected to have synergies with Reliance’s investments and strategic initiatives in drone, industrial safety and security, and robotics areas. RIL announced the development in its regulatory filing.
JK Cement: JK Cement on Thursday announced its foray into the paints business by acquiring a 60% stake in Rajasthan-based Acro Paints in a Rs 153 crore deal. Its wholly-owned subsidiary JK Paints and Coatings Ltd has entered into a share purchase agreement with Acro Paints Ltd and its shareholders to acquire a 60 per cent controlling stake in the company. The “remaining 40 per cent shall be acquired over a period of 12 months as per the definitive agreement entered between the parties”, a joint statement said.
Bank of Maharashtra: The public sector lender Bank of Maharashtra (BoM) said on Thursday that it has raised ₹880 crore through Additional Tier 1 (AT1) bonds that complied with Basel III. The issue closed on the same day and the deemed date of allotment is December 26. According to a statement from the bank, the offering, which included a green shoe option worth ₹680 crore, received more than four times the subscription as its base size of ₹200 crore. The bonds have been issued at a coupon rate of 8.74 per cent, said BoM.
Yes Bank: In a fresh twist to the Yes Bank-Dish TV case, the private sector bank has transferred its 24.19% stake to JC Flowers Asset Reconstruction Co, along with the underlying loan to Subhash Chandra’s Essel group companies, the bank said in a stock exchange filing on Thursday. The move is part of the lender’s move to transfer bad loans worth ₹48,000 crore from its books to the asset reconstruction company under the proposed 15-85 structure. With the transfer of Dish’s shares, it will have more flexibility to proceed with the recovery process.
IFCI: Infrastructure term lender IFCI Ltd on Thursday said its shareholders have okayed a proposal to raise up to Rs 1,000 crore through bonds and other instruments. The resolution was passed at the company’s annual general meeting (AGM) held on Thursday. The shareholders authorised the board of directors to raise funds, including via bonds and non-convertible debentures, through private placement in one or more tranches, up to the amount of Rs 1,000 crore.
Ramco Systems: Ramco Systems on Thursday received the board of directors’ approval to raise funds to the tune of Rs 160 crore through the issuance of equity shares and warrants on a preferential basis. The shares will be issued on a private placement basis. Further, the shares will be issued at a premium compared to the current market price. As per the regulatory filing, Ramco Systems will issue up to 14,59,854 warrants at a price of Rs 274 per warrant aggregating to Rs 40 crore.
Mahindra Lifespace Developers: Realty firm Mahindra Lifespace Developers Ltd has completed the acquisition of a 9.24-acre land parcel in Mumbai from Mahindra & Mahindra Ltd for Rs 365 crore. In February this year, Mahindra Lifespace announced that it would purchase the land in Kandivali, Mumbai from Mahindra & Mahindra Ltd for the development of a housing project. Mahindra & Mahindra is the promoter and holding company of Mahindra Lifespace Developers.
Ajanta Pharma: Promoter entities of Ajanta Pharma on Thursday divested a 4.3% stake in the company for ₹637 crore through open market transactions. The buyers included over two dozen funds such as UTI Mutual Fund (MF), Aditya Birla Sun Life MF, Franklin Templeton MF, ICICI Prudential MF, Mirae Asset MF, Abu Dhabi Investment Authority and Tata AIA Life Insurance Company, among others. Aayush Agrawal Trust and Ravi Agrawal Trust offloaded a total of 54,92,846 shares, amounting to a 4.3% stake in Ajanta Pharma.
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