Actions that will come into action on October 10, 2022

The Center has launched the process of strategic divestment from IDBI Bank with the transfer of management control, by issuing a preliminary information note to solicit expressions of interest from prospective buyers. The government will sell 30.48% of its stake in the bank and Life Insurance Corporation of India (LIC) will sell 30.24% or 60.72% of IDBI Bank’s share capital, along with the transfer of management control to the lender.

The Council of Atul Auto Limited approved the proposal to issue up to 58,08,080 fully convertible warrants (within a maximum period of 18 months), each convertible, at Rs 198 each, aggregating up to Rs 115 crore to Vijay Kishanlal Kedia – Non- promoter – 50.50,505 warrants; Khushbu Auto Private Limited – Promoter – 6,56,565 warrants; and Jayantibhai Jagjivanbhai Chandra – Promoter – 1,01,010 warrants, preferential issue, subject to shareholder approval

Prices for CNG and cooking gas delivered to household kitchens in the nation’s capital rose by 3 rupees each on Saturday, alongside higher prices for natural gas inputs. The Rs 3 per kg increase in the price of CNG is the first increase in tariffs in more than four months, while a Rs 3 rise per standard cubic meter of piped natural gas (PNG) was the first increase in two months . The focus will be on Indraprastha GasMahanagar Gas, Petronet LNG, GSPL and Gujarat Gas.

Ambuja cementsLtd said on Saturday it had received shareholder approval for all its EGM proposals, including a resolution to raise Rs 20,000 crore from an Adani Group company and the appointment of Gautam Adani and others to the board of administration of the company.

National Bank of India (SBI) has lined up various non-performing assets for sale this month and next, including the fraudulent Sintex BAPL account, to recoup over Rs 746 crore. At an auction scheduled for November 4, SBI will put NPAs up for sale to Asset Reconstruction Companies (ARCs)/Financial Institutions (FIs), Banks or Non-Bank Financial Companies (NBFCs).

The advice of Suzlon Ltd gave its approval for the appointment of Vinod R Tanti as Chairman and Chief Executive Officer of the company with immediate effect for a period of three years until October 6, 2025. The Board also appointed Girish R Tanti, Executive Director, in as Executive Vice President President.

The advice of Veranda Learning Solutions Limited is to be held on October 12 to consider a possible acquisition.

RattanIndia Limited Companies announced the acquisition of 100% of the capital of the market leader in electric motorcycles, Revolt Motors. The company previously acquired a 33.84% stake in Revolt with an option to further increase the stake.

Nureca Technology Pvt Limited, a wholly owned subsidiary of Nureca Limited, has obtained certification from the notified body Intertek, for nebulizers and blood pressure monitors.

JSW Steel Coated Products Limited, a wholly owned subsidiary of JSW Steelsubmitted a resolution plan as part of the National Steel and Agro Industries Limited corporate insolvency resolution process on September 6, 2022, as amended on October 6. The resolution professional issued a letter of intent to JSCPL on October 7, 2022 advising that the debtor company’s creditors’ committee approved the resolution plan submitted by JSCPL and declared JSCPL as the successful resolution candidate.

The Council of Nikhil Adhesives Limited announced the capacity expansion of a new product named RDP (Re-dispersible Polymer Powder). The product launch will be carried out at the company’s Dahej plant.

The advice of Universus Photo Imaging Ltd will take place on October 12, to consider the declaration of a one-time special interim dividend for the 2022-23 financial year.

Dhabriya Polywood Ltd has started manufacturing PVC windows and doors at its new factory located in Dodballapur Industrial Zone, Bengaluru. With this new unit, the company will focus on increasing its market share in the southern regions.

PowerGrid Bhind Guna Transmission Limited (a wholly owned subsidiary of Power grid company of india ltdobtained through tariff-based tender) with a mandate to establish a transmission system for intra-state transmission works associated with the construction of a 400 kV substation near Guna (Madhya Pradesh) and of a 220 kV substation near Bhind (Madhya Pradesh) on Build, Own, Operate and Maintain (BOOM) successfully commissioned the project on October 6th.

Artson Limited Engineering received a purchase order of ₹42.76 crore excluding tax from Kutch Copper Limited (wholly owned subsidiary of Adani Enterprises Limited). The order concerns the manufacture and supply of 10 gas-gas heat exchangers.

The advice of Navkar society has approved the transfer of its title, rights, interest and ownership of its mobile assets i.e. 615 trailers and 90 dwarf containers for a total amount of ₹173.97 crore to Adani Logistics Limited.

Results calendar: Excel Realty N Infra Ltd, Industries, International Travel Houe, JTL Infra, Sharanam Infraproject and Trading Ltd and TCS

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