Tata Motors: Driving Growth in Tamil Nadu
Tata Motors, a leading manufacturer of commercial and passenger vehicles, has inked a Memorandum of Understanding (MoU) with the Government of Tamil Nadu to establish a vehicle manufacturing facility in the state.
This landmark agreement is poised to inject approximately Rs 9,000 crore into the local economy over a span of 5 years, potentially generating up to 5,000 job opportunities.
ITC: Strategic Investment Moves
Marquee investors, including the Government of Singapore and ICICI Prudential Mutual Fund, have recently acquired significant equity stakes in ITC through open market transactions. Together, they purchased 9,15,45,678 and 59,26,138 equity shares, respectively, at an average price of Rs 400.25 per share, totaling Rs 3,901.3 crore. Concurrently, British American Tobacco, via its subsidiary Tobacco Manufacturers (India), divested 43,68,51,457 equity shares in ITC at the same price, amounting to Rs 17,484.98 crore.
IIFL Finance: Enhancing Financial Capabilities
IIFL Finance has obtained approval from its board of directors to raise funds totaling up to Rs 2,000 crore. This includes Rs 1,500 crore through the issuance of equity shares on a rights basis to existing eligible shareholders and Rs 500 crore through private placement of non-convertible debentures. Additionally, the company has appointed Abhiram Bhattacharjee as its Chief Operating Officer, effective March 13, while Shivalingam A. Pillai has been appointed as Chief Compliance Officer following the resignation of Mauli Agarwal.
L&T Finance Holdings: Clarity Amidst Speculation
In response to recent news reports suggesting L&T Finance’s exit from the market due to a decision by the Reserve Bank of India (RBI), the company has issued a clarification. L&T Finance Holdings emphasizes that it continues to offer a comprehensive range of financial products and services under its brand name. It clarifies that the circular issued by the RBI has been misinterpreted by certain sections of the media. Furthermore, the company recently completed the merger of its subsidiaries and is in the process of changing its name to L&T Finance.
Power Mech Projects: Innovating for Construction
Power Mech Projects has established a new wholly-owned subsidiary, PMTS Private Limited, to focus on designing and developing technologies essential for construction companies and other sectors. This subsidiary will specialize in implementing Enterprise Resource Planning (ERP) and monitoring systems, catering to diverse industry needs.
Apl Apollo Tubes: Shifting Shareholdings
US-based Capital Group, through its affiliate New World Fund Inc, has acquired a significant equity stake in Apl Apollo Tubes via open market transactions. Conversely, Principal Global Investors Collective Investment Trust has divested a portion of its equity holdings in the company. These transactions reflect shifts in ownership dynamics within Apl Apollo Tubes.
Adani Green Energy: Expanding Renewable Energy Portfolio
Adani Renewable Energy Fifty Nine Limited, a subsidiary of Adani Green Energy, has secured power purchase agreements (PPAs) with Solar Energy Corporation of India (SECI) for the supply of 534 MW of solar power projects. With these agreements in place, Adani Green Energy’s total renewable energy project portfolio now stands at an impressive 21,778 MWac capacity.
DLF: Strengthening Financial Foundation
DLF Home Developers (DHDL), a wholly-owned subsidiary of DLF, has received approval from its board of directors to raise funds through the issuance of non-convertible debentures (NCDs) worth up to Rs 600 crore on a private placement basis. This strategic move aims to bolster DLF’s financial position and support its ongoing and future development projects.
