Govt to sell up to 1.5% stake in ONGC to raise Rs 3,000 crore

The Indian govt will sell up to 1.5% stake in Oil & Natural Gas Corporation Ltd (ONGC) to raise Rs 3,000 crore. The offer for sale (OFS) by the government will be open on March 30 and 31. The floor price for the OFS has been set at Rs 159 per share. This price is at a 7% discount to the Rs 171.05 stock closing price of ONGC on the BSE today. The Central government currently holds a 60.41% stake in the country’s largest oil and gas producer.

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HDFC Bank to infuse Rs 3 crore to acquire stake in IDRCL

HDFC Bank has signed an agreement to invest Rs 3 crore in the first tranche to acquire a stake in India Debt Resolution Company Ltd (IDRCL). Incorporated on September 3, 2021, IDRCL operates as a debt management company. The private sector lender will infuse Rs 7.50 crore in various tranches to acquire up to 15% equity holding in IDRCL.

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Bharti Airtel completes acquisition of 4.7% stake in Indus Towers

Bharti Airtel and its subsidiary Nettle Infrastructure Investments Ltd have acquired 12.71 crore equity shares (or 4.7% stake) in Indus Towers from Vodafone Group. The consideration paid for the acquisition is ~Rs 2,388 crore. The proceeds from the sale will be infused into Vodafone Idea Ltd for clearing its dues. Indus Towers (formerly Bharti Infratel) owns, deploys, and manages telecom towers and communication structures across India.

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IDBI Bank board approves rupee bond borrowing limit of Rs 8,000 crore for FY23

IDBI Bank’s board has approved the rupee bond borrowing limit of Rs 8,000 crore for the next financial year beginning April 1. It will comprise additional tier I (AT-1) bonds up to Rs 3,000 crore and senior/infrastructure bonds up to Rs 1,000 crore by way of private placement during FY23. 

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Fuel prices hiked for 7th time in 8 days

Fuel prices were increased again on Tuesday for the seventh time in the last eight days. In Delhi, petrol rates were hiked by 80 paise a litre to cross the Rs 100 mark and diesel by 70 paise a litre. Globally, oil prices dropped today as Ukraine and Russia headed for peace talks and on fears of a decline in fuel demand in China after the financial hub of Shanghai shut down to curb a surge in Covid-19 cases. 

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Engineers India wins consultancy services contract for green hydrogen plant

Bharat Oman Refineries Ltd (BORL) has selected Engineers India Ltd for providing consultancy services for an electrolyzer-based green hydrogen plant at Bina Refinery. It will be one of the largest green hydrogen plants in India, with a capacity of ~8.5 tonnes per day (TPD). State-owned Engineers India provides indigenous design and technology solutions primarily for hydrocarbon projects.

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Cyient launches Firmware Over-the-Air solution for connected devices

Cyient Ltd has announced a pre-built solution for managed Firmware Over-the-Air (FOTA) updates from its CyientflQ innovation platform. CyientflQ helps to correct technological disruptions and enables the development of new solutions in collaboration with partners. The FOTA solution is designed to further boost the development of intelligent and connected products for Cyient’s customers. 

Embassy REIT to enter into Rs 950 crore debt financing agreement with Golflinks Software Park

The Board of Directors of Embassy Office Parks Management Services has approved a debt financing agreement between Embassy Office Parks REIT and its investment entity, Golflinks Software Park (GLSP), for ~Rs 950 crore. Embassy REIT will subscribe to privately placed unlisted non-convertible debentures issued by GLSP (REIT Debt Financing). To learn more about REITs, click here.

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Alembic Pharma acquires 100% stake in Aleor Dermaceuticals from JV partner

Alembic Pharmaceuticals Ltd has acquired the balance 40% stake in Aleor Dermaceuticals from its joint venture (JV) partner Orbicular Pharmaceutical Technologies. Through this acquisition, the pharma company aims to strengthen its skin-related manufacturing and marketing footprint. Aleor’s product offerings include creams, gels, ointments, shampoos, lotions, sprays, etc.

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PNC Infratech secures NHAI road project worth Rs 1,575 crore

PNC Infratech Ltd was declared the lowest (L-1) bidder for a project tendered by the National Highways Authority of India (NHAI). The project includes the construction of a six-lane access controlled greenfield highway from the MIVKN Border (Badadat) to the Maradgi S Adnola section of NH-150C in Karnataka. The total bid cost of the project is Rs 1,575 crore.

In other news, the NHAI declared Ashoka Buildcon Ltd as the lowest bidder for a greenfield highway project worth Rs 1,079 crore.

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IT Dept raid at Hero MotoCorp reveals Rs 1,000 crore bogus expenses: Report 

As per reports, the Income Tax Department is analysing nearly Rs 1,000 crore in expenses that are suspected to be bogus in a probe at Hero MotoCorp. The department is going through digital data and various other documents as part of its investigation. Further, the IT dept is also probing the deal of a farmhouse on the outskirts of Delhi where cash worth Rs 100 crore was allegedly paid.

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