Top stocks in focus: Phoenix Mills, Crest Ventures, Equitas SFB, Gujarat Mineral Development Corporation, Escorts

21 Feb 2022 , 07:27 AM

The Phoenix Mills: The Phoenix Mills will make Classic Mall Development Company its wholly-owned subsidiary after buying a 50% stake from Crest Ventures and Escort Developers. The company will pay Rs918 crore to acquire a 50% stake in Classic Mall Development Company which owns Phoenix Marketcity Chennai with a chargeable area of approximately 1 million square feet in Velachery, Chennai.

Crest Ventures: Crest Ventures and its wholly-owned subsidiary Escorts Developers will get Rs918 crore by selling a 50 percent stake in Classic Mall Development Company, to Phoenix Mills. Crest Ventures held a 46.35% stake and its wholly-owned subsidiary Escorts Developers has 3.65% in Classic Mall Development Company. The stake sale is expected to be completed tentatively by April 2022.

Equitas Small Finance Bank: The bank will receive Rs550 crore from qualified institutional investors as it has approved the allotment of 10.26 crore equity shares at issue price of Rs53.59 per share. The QIP issue was opened for bidding during February 14-18.

Gujarat Mineral Development Corporation: The Environment ministry has allowed GMDC to increase mining activity at lignite mines in Tadkeshwar, Surat. The country's largest lignite seller has received an amendment to its environment clearance from the Ministry of Environment and Forest to mine up to a depth of 135 meters, from 94 meters earlier at the lignite mines.

Escorts: The tractor maker will receive Rs1,872.74 crore from Kubota Corporation as it approved preferential allotment of 93.63 lakh equity shares at Rs2,000 per share. After the allotment, Kubota Corporation holds 16.39% stake in Escorts.

Hazoor Multi Projects: The company has bagged order worth Rs6.54 crore from Varaha Infra. The work order is for completion of balance work of 'national highway No 548-A from section Waken Pali to 2 lane with paved shoulder.

Power Finance Corporation: Life Insurance Corporation of India sold 2.02% stake in the company via open market transactions. As a result, its shareholding in the company reduced to 5.06%, from 7.09% earlier.