State Bank of India (SBI) announced on Friday that its Board of Directors has granted approval for raising funds up to ₹50,000 crore through the issuance of debt instruments on a private placement basis during the fiscal year 2023-24.
TVS Credit Services Limited, the captive financing arm of TVS Motor Company, announced on Friday that it has secured Rs 480 crore in funding from Premji Invest, a renowned investment firm. This investment comprises both primary and secondary investments, enabling Premji Invest to acquire a 9.7% equity stake in TVS Credit for Rs 737 crore.
June 9, 2023 – Avantel Limited, a leading technology company, has recently announced the successful acquisition of a significant contract worth Rs. 54.38 crores. The contract, signed with the Ministry of Defence, specifically the Coast Guard Headquarters in New Delhi, focuses on the provision of SATCOM Terminals and Hub Stations. The agreed-upon timeline for the execution of the contract is set to be completed by September 2024.
Titagarh Wagons declared its intention to fund $288.8 crore by issuing preferred shares to Smallcap World Fund Inc. The company’s board of directors authorised this strategic action, which intends to improve its financial condition.
The Indian Navy has awarded the shipbuilding company with the L1 position for the MR/Mid Life upgrade of an Indian naval ship. The projected contract value for this project is approximately Rs 300 crore, and it is expected to be completed within a span of 24 months.
In a significant development, India’s largest life insurer, LIC, has increased its shareholding in SAIL, the prominent government-owned steel producer. The insurer’s stake has risen by 2.001%, reaching 8.687% in SAIL. This transaction took place through open market purchases carried out in multiple tranches. Notably, leading brokerage firm ICICI Securities has recently recommended adding SAIL stock to investment portfolios.
Container Corporation of India
The disinvestment plan of Container Corporation of India (CONCOR), amounting to ₹12,000 crore, attracted the interest of global companies such as Maersk. However, the process is currently at a standstill due to concerns raised by the railway ministry, CONCOR’s parent organization. According to a report from Moneycontrol, the Railways has raised certain issues regarding the disinvestment and is not enthusiastic about selling the asset. The strategic sale of CONCOR requires approval from NITI Aayog and the railways. CONCOR’s parent company has called for further decisions to be made before proceeding with the disinvestment.
The resolution plan put out by Anirudh Agro Farms (AAFL) for Viceroy Hotels has been rejected by the National Company Law Tribunal (NCLT), which claims it breaches statutory restrictions. After the bank guarantees expired, this decision was made, which resulted in the continuation of the corporate insolvency resolution procedure (CIRP). According to MoneyControl.com, the NCLT has directed the resolution professional to solicit new bids. LiveMint hasn’t been able to independently confirm this data, though.
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