Barbeque Nation IPO subscribed 1.33 times on first day of bidding

The Rs 452.87-crore initial public offering (IPO) of Barbeque Nation Hospitality Limited was subscribed 1.33 times on the first day of bidding. The IPO has received bids for 66.46 lakh equity shares against an offer size of 49.99 lakh shares. The portion reserved for retail investors was subscribed 6.14 times. The portion set aside for non-institutional investors (NIIs) saw a subscription of 7% and that of qualified institutional buyers (QIBs) 37%.

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Adani Green to acquire 75-MW solar projects from Sterling & Wilson

Adani Green Energy Ltd (AGEL) said it will acquire 75 megawatt (MW) operating solar projects of Sterling & Wilson for Rs 446 crore. The company has signed definitive agreements with Sterling & Wilson for acquiring a 100% stake in two special purpose vehicles (SPVs) that own the 75 MW solar projects in Telangana. With this acquisition, AGEL’s operating renewable capacity will increase to 3,470 MW, with a total renewable portfolio of 15,240 MW.

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Rajya Sabha returns Finance Bill 2021; Parliamentary approval for Budget completed

The Rajya Sabha, on Wednesday, returned the Finance Bill 2021 without any new amendment. This marks the completion of the Parliamentary approval for Union Budget 2021-22. The Upper House debated and amended Finance Bill 2021 that was approved by the Lok Sabha (Lower House) on Tuesday. The two houses of Parliament had previously approved the Appropriation Bill, which authorizes the spending (or expenditure) of government funds.

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Prestige to take over $1.4 billion Mumbai housing project from bankrupt Ariisto Developers

Prestige Estates Projects Ltd will take over a Mumbai housing project from bankrupt Ariisto Developers Pvt Ltd, following a court decision on Tuesday. The company estimates revenues of more than $1.4 billion (~Rs 10,162 crore) from the 7.5 million square feet under development. Prestige Estates plans to launch the first phase of the project by May and the second phase towards the end of the year. It will be the developer’s largest project in Mumbai.

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Adani Enterprises’ subsidiary secures Rs 1,040 crore road project from NHAI

Adani Road Transport Ltd (ARTL) has received a Letter of Award (LoA) from the National Highways Authority of India (NHAI) for a road project in Telangana. The project consists of four-laning the Kodad-Khammam section of NH-365A in Telangana on a Hybrid Annuity Mode (HAM). The company’s bid project cost is Rs 1,039.90 crore. ARTL is a wholly-owned subsidiary of Adani Enterprises Limited.

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IndiGo pays Rs 1,030 crore as refund for flight cancellations during lockdown

InterGlobe Aviation Ltd (IndiGo) said it has paid out refunds worth Rs 1,030 crore to customers, following a Supreme Court order that asked airlines to refund fares for flight bookings made during the government-imposed lockdown last year. The airline has processed 99.95% of the total money owed to its customers.

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L&T-built offshore patrol vessel ICGS Vajra commissioned into Indian Coast Guard

Larsen & Toubro (L&T) announced the commissioning of ICGS Vajra, its sixth vessel in the series of seven offshore patrol vessels (OPVs) being built by the company under a contract with the Defence Ministry. ICGS Vajra was delivered by L&T ahead of schedule. The seventh vessel, ICGS Vigraha, was launched in October 2020 and will soon undergo sea trials.

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Escorts to hike prices of tractors from April 1

The Agri Machinery division of Escorts Limited has announced a hike in prices of all its tractors with effect from April 1, 2021. The increase in prices would vary across models and variants. Escorts stated that the rising commodity prices necessitate a price hike to offset the impact of inflation. 

On Tuesday, two-wheeler maker Hero MotoCorp said it will increase the prices of its motorcycles and scooters by up to Rs 2,500 from next month. 

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Infibeam Avenues’ board approves allotment of 66.55 crore bonus shares

The Board of Directors of Infibeam Avenues has approved the allotment of 66.55 crore equity shares by way of a bonus issue in the ratio of 1:1. The company’s total paid-up equity share capital after the bonus issue will increase to 133.10 crore shares of Re 1 each. [A bonus issue of 1:1 means that existing shareholders will get one extra share for every one share held]

RBI entends validity of authorization issued to Vakrangee for setting up White Label ATMs

Vakrangee Ltd said that the Reserve Bank of India (RBI) has extended the validity of authorization issued to the company to set up, own, and operate White Label ATMs (WLAs) in India. The validity has been extended till March 31, 2022. The central bank had assigned a target of a minimum of 1,000 ATMs to be deployed by Vakrangee for every calendar year starting 2020 for an initial period of three years. [WLAs are ATMs owned and operated by non-banking firms]

ICICI Bank launches instant EMI facility on its internet banking platform

ICICI Bank has announced the launch of an instant EMI (Equated Monthly Instalments) facility on its internet banking platform. The bank’s “EMI @ Internet Banking” facility aims to offer increased affordability to millions of pre-approved customers. It enables customers to convert their high-value transactions up to Rs 5 lakh into easy monthly installments. The facility has been enabled for over 1,000 merchants in categories like online shopping portals, insurance, travel, etc.

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