Buzzing Stocks: Glenmark Pharma, Wipro, Vedanta, ICICI Lombard & others in news today

Glenmark Pharmaceuticals: The global pharmaceutical company has entered into a definitive agreement with Nirma to divest a 75% stake in its subsidiary, Glenmark Life Sciences (GLS). The firm will sell the stake for Rs 5,651.5 crore, at the price of Rs 615 per share. Post the stake sale, Glenmark Pharma will own a 7.84% share in GLS and Nirma will then make a mandatory open offer to all public shareholders of GLS.

ICICI Bank: The country’s second-largest private sector lender has entered into an agreement for the investment of nearly Rs 5 crore in Quantum CorpHealth, which is a healthcare services platform. The transaction will be executed through equity shares and compulsorily convertible preference shares (CCPS). Post investment, the bank will hold 9.99% shareholding in Quantum CorpHealth through the subscription of 100 equity shares and 3,33,200 CCPS.

Vedanta: The mining company has received board approval for raising upto Rs 2,500 crore via non-convertible debentures (NCDs), in one or more tranche(s), on a private placement basis.

Zuari Industries: The company announced that its board of directors would consider the proposal of raising of funds on September 26. The fund raising will take place via the issuance of non-convertible debentures (NCDs), on a private placement basis.

InterGlobe Aviation: IndiGo and British Airways have signed a codeshare agreement to further boost the connections between India and the UK. With this codeshare partnership with IndiGo, British Airways will now be able to add three additional routes to their existing network.

Tech Mahindra: The IT solutions company has approved the merger of Tech Mahindra Credit Solutions Inc with its parent company Tech Mahindra (Americas) Inc. Tech Mahindra (Americas) Inc. is a wholly owned material subsidiary of Tech Mahindra. This merger of the two entities will optimise operational cost and reduce the compliance risk.

SJVN: The Government of India will exercise its greenshoe option of 2.46% stake or 9,66,72,961 shares for the offer-for-sale of the hydroelectric power generation company on September 22. This comes given the oversubscription in the issue, which is in addition to the base issue size of 9,66,72,961 shares or 2.46% stake. Hence, the total offer size will be up to 19,33,45,923 equity shares, representing 4.92% of the total paid up equity.

Infosys: The country’s second-largest IT services provider will offer its Finacle Digital Banking Suite- Infosys Finacle, a part of EdgeVerve Systems, to Nigeria’s Guaranty Trust Bank which is the banking subsidiary of Guaranty Trust Holding Company Plc. Guaranty Trust Bank will use Infosys Finacle for its multi-country digital transformation program.

Wipro: Jatin Pravinchandra Dalal has resigned as the Chief Financial Officer of the company, with effect from November 30, to pursue other career opportunities. The IT services company has now appointed Aparna C Iyer as the Chief Financial Officer, effective immediately. Aparna will report to CEO Thierry Delaporte and will join the Wipro Executive Board. She has deep expertise in financial risk management, capital allocation, fund raising, driving business strategy and growth. Aparna had earlier served Senior Vice President and CFO of Wipro FullStride Cloud.

Samhi Hotels: The company will make its debut on the bourses on September 22. This will be the third company getting listed in the T+3 timeline after its IPO. The issue price has been fixed at Rs 126 per share. Apart from Samhi Hotels, Zaggle Prepaid Ocean Services will also list on bourses today.

ICICI Lombard General Insurance Company: Bhargav Dasgupta has resigned as MD & CEO of the general insurance company, to pursue opportunities outside the country.

JSW Steel: Caretta Minerals LLC, a step-down subsidiary of Periama Holding LLC, has entered into an agreement to sell its property, plant and equipment and mineral rights to West Virginia Properties for $24 million as operating the mines are not economically viable in the absence of coal mining lease and plant lease. Periama Holding LLC is a step-down subsidiary of JSW Steel.

Sunteck Realty: The real estate firm and IFC are partnering to create a joint platform with a total investment of up to Rs 750 crore to promote the development of nearly 12,000 high-quality housing units across four to six green housing projects within the Mumbai Metropolitan Region (MMR). IFC’s proposed investment is for up to Rs 330 crore, with the remainder to be brought in by Sunteck Realty.

Kalyani Forge: The appointment of Viraj Gaurishankar Kalyani as the Managing Director of the company has been approved by shareholders in Annual General Meeting of the company.

NBCC (India): The state-owned construction company has received order for construction of various development work at township and mines of Bhilai steel plant, from SAIL. The value of the order is Rs 100 crore.

Apollo Micro Systems: The company has incorporated a subsidiary named Apollo Defence Industries. Apollo Defence will work on defence platforms through collaborated approach both in domestic and international companies.

IRB Infrastructure Developers: Special purpose vehicle Samakhiyali Tollway has achieved financial closure for the implementation of the project of upgradation to six lane with paved shoulder of NH-27 in Gujarat on design, build, finance and transfer BOT (Toll) mode. Total project cost is Rs 2,092 crore. Financing of Rs 1,446 crore has been tied up from project lenders. Shareholders of the company have already approved implementation of this project through IRB Infrastructure Trust.

Electronics Mart India: Promoter Pavan Kumar Bajaj has offloaded 96.18 lakh shares or 2.5 percent stake in the electronics retailer via open market transactions at an average price of Rs 143.03 per share. However, Motilal Oswal Mutual Fund has bought 60.4 lakh shares or 1.57 percent stake at an average price of Rs 143 per share.

IL&FS Transportation Networks: Dilip Bhatia has resigned as Chief Executive Officer of the company with effect from September 21, due to professional reasons. Meanwhile, government has extended Rajeev Kumar Vishnoi’s additional charge as CMD of NHPC by 6 months.