Reliance Nippon Life Asset Management’s promoter Reliance Capital plans to cumulatively sell 8.66% stake in the company aggregating to Rs1,155cr. The promoter will sell up to 5.3cr shares at a floor price of Rs218 apiece—a discount of about 7.6% to current market price—through an offer-for-sale.
Cipla signed an agreement to acquire 26% stake in AMP Solar Power Systems for Rs12.9cr. The commercial operation of the target company will start in May 2020.
Omax Autos entered into an asset purchase agreement with Hema Engineering Industries.
Greaves Cotton modified its share buyback plan. The board approved to buyback 5.32% of the share capital at Rs175 per share aggregating to Rs227.5cr.
MOIL inked an MoU with the Ministry of Steel for the financial year 2020. The production target of 14.75 lakh tons of manganese ore and capex target of Rs210cr set.
CARE Rating has downgraded Ruchi Soya Industries for long-term bank facility worth Rs9,915.2cr as ‘CARE D’. The reason behind this downgrade is that the issuer has not been co-operating. The company is under provisions of IBC by order of NCLT with effect from December 2017.
Pollution Control Board revoked the closure directions on Radico Khaitan ’s Uttar Pradesh plant. The directions for closure were received on Feb. 21 on environmental issues concerning liquid discharge.
Zuari Agro Chemicals said that ICRA downgraded both short term and long term funds worth Rs4,215 cr to ‘D’.
Results today: Grasim Industries, JSW Steel, REC, Page Industries, Coffee Day Enterprises, Dish TV, Dixon Technologies (India), Indraprastha Gas, Advanced Enzyme Technologies, Amber Enterprises, Ashok Leyland, AstraZeneca Pharma, Bata India, Varroc Engineering, Camlin Fine Sciences, Excel Industries, FDC, GIC Housing Finance, Fortis Healthcare, Narayana Hrudayalaya, Welspun India, Whirlpool.