Bank of Maharashtra
Bank of Maharashtra, a state-run bank, has concluded its Qualified Institutional Placement (QIP) process, generating Rs 1,000 crore in funds. During the board meeting held on Tuesday, the allotment of 35.1 crore shares to institutional buyers was approved.
In a series of open market transactions spanning over six months, Life Insurance Corporation of India (LIC), the leading insurance company, has significantly raised its stake in Tech Mahindra, an IT services provider. LIC revealed in its filing to exchanges that its shareholding in Tech Mahindra has surged from 6.69 crore to 8.65 crore equity shares, resulting in an elevated stake from 6.869 percent to 8.884 percent. This increase of 2.01 percent occurred between November 21, 2022, and June 6, 2023. The average acquisition price for these shares was Rs 1,050.77 per share.
Megha City Gas Distribution Private Limited (MCGDPL) has announced the successful expansion of its compressed natural gas (CNG) distribution network, with the opening of 100 stations. This achievement marks a significant milestone for MCGDPL, as it represents 25 percent of the company’s target for 2024.
VA Tech WABAG
In a significant development, water treatment company VA Tech WABAG Ltd has emerged as the winner of a high-value contract worth INR 420 crore from the City and Industrial Development Corporation of Maharashtra Ltd (CIDCO).
Vikas Ecotech, a leading recycling company, announced its intention to raise Rs 100 crore through a qualified institutional placement (QIP) in order to fuel its expansion plans and meet working capital requirements. The QIP offering, which commenced on May 31, aims to support the company’s business growth, as stated in an official statement.
KPI Green Energy
KPI Green Energy announced on Wednesday that it has received a letter of intent (LoI) from a private entity to develop a 40 MW hybrid green energy project in the state of Gujarat. The project will comprise 21.50 MW of wind power and 18.5 MW of solar power, as disclosed in a regulatory filing made by the company.
In a significant move to bolster Bharat Sanchar Nigam Ltd (BSNL), the Union Cabinet, led by Prime Minister Narendra Modi, has given the green light to a comprehensive revival package worth ₹89,047 crore. This package aims to address the challenges faced by BSNL, including its limited infrastructure and fierce competition from industry giants such as Jio, Bharti Airtel, and Vodafone Idea. The revival plan includes crucial equity infusion for BSNL and the allocation of 4G/5G spectrum, marking a notable stride forward for the state-owned telecom company.
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