Buzzing Stocks: Aster DM, IIFL Finance, CDSL, Angel One, Shyam Metalics and others in news

Aster DM Healthcare: Private equity firm Olympus Capital Asia Investments is likely to sell up to 9.8% equity stake in the private healthcare services provider through a block deal, multiple industry sources in the know told Moneycontrol. The block deal size is around $235 million and the floor price has been fixed at Rs 400 per share. Olympus Capital Asia Investments held 18.96% stake in Aster DM as of December 2023.

Central Depository Services (India): Public shareholder Standard Chartered Bank – Corporate Banking is likely to sell entire 7.18% stake (75 lakh equity shares) in CDSL for $151 million through a block deal, sources told CNBC-TV18. The floor price for the block deal has been fixed at Rs 1,672 per share, which represents 6.3% discount to last close of Rs 1,785.

Mankind Pharma: Investment company Beige has sold 58,17,874 equity shares in the pharma company at an average price of Rs 2,124.71 per share, 58,17,873 shares at an average price of Rs 2,120.31 via open market transactions. In total, it sold 2.9% equity stake worth Rs 2,469.7 crore in the company, against its shareholding of 2.99% as of December 2023.

Cipla: Sanofi India and Sanofi Healthcare India have announced an exclusive partnership with Cipla for distribution and promotion of Sanofi India’s 6 central nervous system (CNS) products in India including Frisium, a leading brand in the anti-epileptic medication category. Meanwhile, Cipla has received approval from the US regulator to merge Cipla Technologies LLC into Cipla USA Inc, with effect from March 31, 2024. Both are wholly owned step down subsidiaries of Cipla in USA.

Shyam Metalics and Energy: Shyam Metalics in joint venture with Natural Resources Energy (NREPL) has received the Letter of Intent from the Industry, Energy, Labour, and Mining Department, Government of Maharashtra, for composite license for iron ore block with area of 1,526 hectares in Maharashtra. Dorite Tracon, a promoter company of Shyam Metalics, holds 49% shares in NREPL.

IIFL Finance: The Board of Directors has approved the appointment of Arun Kumar Purwar as the Chairman and additional non-independent non-executive director of the company, with effect from April 1, 2024. Presently, he is an independent director at IIFL Finance, and his second term as independent director will end on March 31, 2024.

Prism Johnson: The building materials company said the Board of Directors will be meeting on March 29 to consider the raising of funds via issue of non-convertible debentures on a private placement basis.

PTL Enterprises: The company has received income tax demand notice of Rs 25.92 crore from the Income Tax Department for the Assessment Year 2014-15 on assessing the income under the head “Income from other Source” as against the claim by the company under the head “Income from Business and Profession”, filed by the company. The company is going to file an appeal/rectification of error in assessment order, before higher authority.

Motilal Oswal Financial Services: The Finance Committee of the board has approved the public issuance of non – convertible debentures worth Rs 1,000 crore.

Procter & Gamble Hygiene and Health Care: The company has arrived at an advanced pricing agreement with the tax authorities, determining appropriate transfer pricing methodology for certain identified transactions with its affiliate(s) for the years FY11 to FY19. As per the agreement, the additional tax liability payment is approximately Rs 36 crore (including interest), and there will be a reduction in contingent liabilities of approximately Rs 87 crore, subject to
withdrawal of relevant tax litigations by the respective parties.

Titan Company: The company has completed the liquidation of its subsidiary TCL Watches Switzerland AG (earlier known as Favre Leuba AG, (FLAG). With this, TCL Watches Switzerland AG ceasedto be a wholly-owned subsidiary of the company with effect from March 21, 2024.

Angel One: The retail broking house has opened its qualified institutions placement (QIP) issue on March 26. The floor price has been fixed at Rs 2,555.01 per share.

Adani Power: The Competition Commission of India (CCI) has approved 100% acquisition of Lanco Amarkantak Power by Adani Power. Lanco Amarkantak Power, a part of the Lanco Group and thermal power generation company, is currently undergoing corporate insolvency resolution process (CIRP) under the Insolvency and Bankruptcy Code (IBC).

Uflex: Pradeep Srivastava, the erstwhile director of the company’s wholly owned subsidiary at United Kingdom (UK) – Uflex Europe, is found to have committed fraud, while being associated with the said subsidiary. The fraud has been detected by the management of the company on detailed examination of various operational expenditures and affairs of the company.

Wockhardt: The pharma company has raised Rs 480.04 crore via qualified institutions placement as the board approved the allotment of 92,85,163 equity shares, to eligible QIBs at the issue price of Rs 517 per equity share.

PC Jeweller: The company has received approval from Axis Bank for its one time settlement proposal. It had opted for one time settlement to settle the outstanding dues.

Apollo Pipes: The company has completed the acquisition of 53.57% stake in Kisan Mouldings. As a result of capital infusion, Kisan Mouldings has become the subsidiary of Apollo Pipes.

Indian Hotels Company: The company has infused $6.5 million in its wholly owned subsidiary IHOCO BV in Netherlands. The subsidiary will use for repaying debt and other operational purposes of its subsidiary United Overseas Holding Inc in USA.

Infibeam Avenues: Subsidiary Avenues World FZ-LLC in UAE is raising $25 million through pre-IPO round prior to potential listing in UAE Capital Market with a select group of investors. Consequently, Avenues World FZ-LLC would cease to be a wholly owned step down subsidiary of the company post the said fund raising. The transaction would be completed within next 45 days and Vavian International, the wholly owned subsidiary of the company, will continue to hold 75% stake or more in Avenues World FZ-LLC due to indirect dilution upto 25% of the post issue capital.

Dynacons Systems & Solutions: The company has received order worth Rs 41.72 crore for enterprise servers from National Payments Corporation of India.

Chatha Foods: The company will list its equity shares on the BSE SME on March 27. The issue price is Rs 56 per share. The stock will be in trade-for-trade segment for 10 trading days.