State Bank of India:
The country’s largest public sector lender has signed a deal to buy 3,70,644 shares, or 6.35 percent of Canpac Trends, a provider of paper-based packaging solutions, for over Rs 50 crore. The stake would be purchased for Rs 1,349 per share.
M&M Financial Services:
The non-banking financing firm said that the Board of Directors has approved it to conduct supplemental business activities such as soliciting and procuring insurance business as a corporate agent in the areas of life, general insurance, health, and both group and individual. This is subject to receiving the requisite approvals from the Insurance Regulatory and Development Authority of India (IRDAI) and receiving no objections from the Reserve Bank of India (RBI) or other regulatory bodies. Meanwhile, Rajesh Vasudevan resigned as the company’s chief compliance officer (CCO) and senior management personnel (SMP) to pursue personal interests. His resignation would take effect on January 13, 2024, at the end of business hours.
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Mazagon Dock Shipbuilders:
SaurShakti, India’s fastest solar-electric boat, was unveiled in Kochi by the state-owned shipbuilding business. Mazagon Dock Shipbuilders and NavAlt Solar Electric Boat, Kochi collaborated to create the boat.
PVR INOX:
According to CNBC-TV18, Plenty Private Group and Multiples Private Group are planning to sell a 2.33 percent interest in the multiplex business. The offer price might be between Rs 1,750 and Rs 1,769.5 per share, with a total offer size of Rs 404.5 crore.
PB Fintech:
On December 13 and 14, Income Tax officers paid a visit to Paisabazaar Marketing and Consulting, a wholly owned subsidiary of PB Fintech, and enquired about particular sellers in Paisabazaar. The organization has submitted the information requested by the IT officials and will continue to supply any further data or information that the department may seek in the future. Paisabazaar’s business activities continue as usual and have not been harmed by the survey procedures.
Hero MotoCorp:
For up to Rs 140 crore, the country’s largest two-wheeler manufacturer will purchase an additional interest in associate firm Ather Energy from an existing stakeholder. Hero’s stake in Ather Energy will rise from 36.7 percent to 39.7 percent as a result of this deal. Hero plans to complete the acquisition of further Ather Energy shares by January 31, 2024. Furthermore, Hero has named Vivek Anand as Chief Financial Officer (CFO) with effect from March 1, 2024. For the previous four years, Vivek served as DLF’s CFO. Rachna Kumar has also been named Chief Human Resources Officer (CHRO) by the corporation. Rachna was the Chief Human Resources Officer for Whirlpool Asia.
Bharat Heavy Electricals:
BHEL and the Central Manufacturing Technology Institute (CMTI), an autonomous institution under the management of the Ministry of Heavy Industries, have agreed to collaborate on technology development in the areas of hydrogen value chain and IIoT solutions for scheduled upkeep of machines and manufacturing processes.
Vedanta:
The board of directors will meet on December 19 to examine a proposal to issue non-convertible debentures on a private placement basis as part of its normal refinancing in the usual course of business.
Fusion Micro Finance:
More than 80 lakh equity shares, or 7.92 percent stakes, in the microfinance institution were purchased via open market transactions by Bajaj Allianz Life Insurance Company, Morgan Stanley Asia Singapore Pte, Kotak Mahindra Life Insurance Company, Societe Generale, Franklin Templeton Mutual Fund, and HDFC Mutual Fund at a price of Rs 555.6 per share, valued at Rs 444.54 crore. Promoters Honey Rose Investment and Creation Investments Fusion, LLC, on the other hand, sold 1,02,99,021 equity shares in Fusion at the same price, valued at Rs 572.2 crore.
Zen Technologies:
Tata AIA Life Insurance firm paid Rs 725 per share for 20 lakh equity shares, representing a 2.38 percent ownership in the firm, valuing the holding at Rs 145 crore. However, at the same price, promoter Tara Dutt Atluri sold 15 lakh shares, or 1.78 percent of Zen, for Rs 108.75 crore.
Gandhar Oil Refinery:
The stock will be scrutinized ahead of the release of earnings for the July-September quarter on December 15.
