stock in focus. Promoters said they will exercise the over-subscription offer to sell 9.75 lakh shares or 2% of the total equity capital. OFS was subscribed 2.78 times the demand for the non-retail investors with an indicative price of Rs 1,184.49/share, as per the NSE data.
Strides Pharma Science
board approved divestment of Australia Business for transactions up to Rs500cr with Solara Active Pharma Sciences in each financial year, starting from the FY19.
’ long term rating downgraded to ‘B+’ from ‘BB-’ by S&P. The ratings remain on watch negative and the agency expects cash flow to remain negative at least for the next 12-18 months before the Chinese operations stabilize and cost cuts restore its financial health, as per media reports.
Mahindra & Mahindra Financial Services
increased its stake from 88.75% to 98.43% in Mahindra Rural Housing Finance for Rs286.78cr.
completed the sale of its Rwandan arm to Rwanda Tea Investment. The board has accepted the resignation of BM Khaitan as the chairman of the company on account of old age, but he will continue to be ‘Chairman Emeritus’. Existing Vice-Chairman of the Board Aditya Khaitan will be the next Chairman.
received infrastructure orders worth Rs1,003cr for five development projects across the country.
said it would dissolve its step-down subsidiary ‘Dabur Tunisie’ by December 2019.
Tata Global Beverages
board re-appointed Ajoy Kumar Misra as the Managing Director and CEO of the company for a period of one year till March 2020. Board permits his request to retire post the above period of appointment.
said it will commence in-house manufacturing of PCBs for lighting components with effect from April 1. The Board also approved the purchase of machines required for manufacturing of PCB’s from Lumax Auto Technologies for value not exceeding Rs16cr.
received final ANDA approval from the USFDA for its Tadafil tablets which is used to treat impotency related issues.
said it will issue 340.6cr preference shares at Rs26.68 per share, aggregating to Rs9,086cr to the government of India.
board approved the sale of the company’s entire stake of 12.3% in Nelito Systems to Japan’s DTS Corporation for Rs6.77cr.
Shree Renuka Sugars
clarified that reports of lenders taking the company to the courts due to NPAs are false and misleading.