Kotak Mahindra Bank
sought the court’s interim protection on founder stake issue. The bank’s lawyer Harish Salve stated that the bank can give an undertaking that founders won’t vote in excess of 20% until May 2020.
MSTC IPO to open today
and close on Friday, March 15, 2019, with a price band of Rs121-128 per equity share of face value of Rs10 each of the company (the equity shares).
appointed Rakesh Makhija as non-executive chairman of the bank for a period of three years with effect from July 18. He will replace Dr. Sanjiv Mishra as his tenure expires. Rakesh Makhija is existing chairman of SKF India and director of two TATA group companies and an arm of Axis Bank.
HDFC Life Insurance
OFS to non-retail investors received 2.6 times demand on the first day. Bids were received at an indicative price of Rs365.2 per share. Offer for retail investors opens on March 13.
stock in focus. USFDA approved a new generic of Diovan (valsartan) by Alkem Labs to help relieve the recent shortage of this medicine. Shortages were the result of multiple recalls of generic valsartan products, as certain lots contained nitrosamine impurities.
has received USFDA Form 483 with two observations. First observation stated procedures designed to prevent microbiological contamination is not being followed, as per media reports.
clarified that termination of a development management agreement with Corpus Realty for its realty project is because the company itself wants to undertake the development due to operational efficiencies.
clarified that the board’s approval for 32% stake sale in Bharti Infratel to its arm Nettle was already informed to the exchanges and intimations were given to the exchanges.
board declared an interim dividend of Rs5.52 per share. Its record date set on March 25.
increased its stake to 10.29% in its credit services arm for Rs30cr.
stock in focus. India appeal court deferred the company’s plea to release tax refund money to March 13. The company needs the tax refund money to honor Supreme Court’s order for payment to Ericsson and it has no other means to pay, lawyer Kapil Sibal told the Court.
said that four more aircraft had been grounded due to non-payment to lessors.
clarified that the company has a number of operational plants at Rampur and has sent representations, taken steps as per the pollution control board. The company stated that the impact on the closure of the plant can be made upon the response from the pollution control board on the response from the company.