Promoter group to sell 93 lakh shares via block deal. Price range for deal fixed between ₹1,911.5 to ₹1,970.65 per share, which is at a 0% to 3% discount to Wednesday's closing price. As of December, promoter group holds 19.32% stake in the company. The company also clarified that the share sale is to meet some liquidity needs and they do not intend to sell any further stake in the foreseeable future.
NLC India | Government to offload 7% stake via an Offer for Sale. The government will sell 5% stake with a green shoe option of another 2%. The floor price for the OFS has been fixed as ₹212 per share, which is a 6.2% discount to Wednesday's closing price. The government currently owns 79.2% stake in NLC India. The stock has risen 175% in the last 12 months.
Asian Paints | Wholly-owned subsidiary entered into requisite agreements with Gujarat Chemical Port Ltd. to set up an ethylene storage and handling facility in Dahej. As part of the agreement, Asian Paints (Polymers) Pvt. Ltd. will provide GCPL a security deposit of ₹460 crore, which will be refunded over a 17-18-year period, which will be in addition to the cost of setting up the VAM and VAE manufacturing facility. Asian Paints had earlier announced that the subsidiary will be setting up a facility for manufacturing VAM and VAE at Dahej at an approximate cost of ₹2,100 crore.
UPL | Wholly-owned subsidiary UPL Corporation Ltd. and Masarrah Investment Company have entered into a share subscription agreement to set up a manufacturing complex in Saudi Arabia for the production of phjosphate, cyanide and chlorine value added products to create a diversified export portfolio. UPL Arabia will issue shares to UPL Corp and MIC. Post the issuance of new shares, UPL Corp will hold 85% equity, while MIC will hold 15% in UPL Arabia.
Hindustan Aeronautics | Has signed an amendment to the LCA IOC contract, where the value has been revised higher to ₹5,078 crore from ₹2,701 crore.
Prestige Estates | Launches luxury residential project Prestige Somerville in Bengaluru comprising of 306 apartments across two high-rise towers with a revenue potential of ₹800 crore.
Subex | Bags deal worth $2.2 million with leading telecom operator in Southeast Asia for business assurance and fraud management solutions.
Jupiter Wagons | The Ministry of Railways has placed an offer to manufacture 2,237 BOSM Wagons for a contract value of ₹956.87 crore.
GPT Infraprojects Limited | GPT has secured a significant contract worth 135 Crore from North Central Railway, Agra, Uttar Pradesh. The contract involves various construction works, including earthwork, bridge construction, track linking, and other ancillary tasks. GPT will execute the project in a joint venture, holding a 51% share. No related party transactions are involved in this contract.
Karur Vysya Bank | Karur Vysya Bank has announced revisions to its Base Rate and Benchmark Prime Lending Rate (BPLR), effective from March 13, 2024. The existing Base Rate of 11.40% will be revised to 11.45%, while the current BPLR of 16.40% will be adjusted to 16.45%.
LIC | Has increased its stake in LIC Mutual Fund Asset Management to 44.61% from 40.93% earlier via private placement basis. The company has acquired 959 shares at a price of ₹2,60,818 each.
