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.
Power Finance Corporation
Life Insurance Corporation of India sold a 2.02 percent stake in the company through open market transactions. As a result, its shareholding in the company reduced to 5.06 percent, from 7.09 percent earlier.
Equitas Small Finance Bank
The bank will receive Rs 550 crore from qualified institutional investors as it has approved the allotment of 10.26 crore equity shares at an issue price of Rs 53.59 per share. The QIP issue was opened for bidding during February 14-18.
InterGlobe Aviation
Rakesh Gangwal, Non-Executive, Non-Independent Director has tendered his resignation from the Board of Directors of the company, with immediate effect, through a letter dated February 18, 2022. Gangwal will cut stake in the airline company over the next 5 years.
Federal Bank
Federal Bank’s subsidiary, Fedbank Financial Services, has filed preliminary papers with SEBI to raise funds through an IPO. The public issue consists of a fresh issue aggregating up to Rs 900 crore and an offer for sale of up to 45,714,286 equity shares by promoter and investor.
Hatsun Agro Product
The company will buy a 26 percent stake in FP Cygnus and Huoban Energy. Along with this, the company posted a few other business updates
Sintex Industries
Lenders of bankrupt Sintex Industries will decide next week on whether to restart the resolution process or to put to vote the four plans that they have received, according to a newspaper report.
Escorts
The tractor maker will receive Rs 1,872.74 crore from Kubota Corporation as it approved preferential allotment of 93.63 lakh equity shares at Rs 2,000 per share. After the allotment, Kubota Corporation holds a 16.39 percent stake in Escorts.
The Phoenix Mills
The Phoenix Mills will make Classic Mall Development Company its wholly-owned subsidiary after buying a 50 percent stake from Crest Ventures and Escort Developers for Rs 918 crore. Classic Mall Development Company owns Phoenix Marketcity Chennai with a chargeable area of approximately 1 million square feet in Velachery.
Hazoor Multi Projects
The company has bagged orders worth Rs 6.54 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 lanes with paved shoulder.