Business Tantra

Reliance Industries: The Securities and Exchange Board of India (Sebi) has issued a show-cause notice to Reliance Industries for alleged violation of ‘Principles for fair disclosure’ while handling unpublished price sensitive information (UPSI), according to a disclosure by Data Infrastructure Trust – a joint venture between Reliance and private equity company Brookfield – in its offer document filed with the regulator last week seeking approval for floating an Infrastructure investment trust (InvIT).

BPCL: Bidders for the government’s stake in Bharat Petroleum Corp (BPCL) have sought more clarity on autonomy in the pricing of fuel products. They also want the government to give a realistic timeline for the blending of ethanol with petrol to give them more flexibility. The Centre plans to sell its entire 53% stake in BPCL. The Cabinet had cleared the strategic sale in November 2019.

Sun Pharma: The company’s subsidiary Taro Pharmaceuticals has signed a definitive agreement to acquire The Proactiv Company from Galderma for $90 million.

PSU banks: The Centre will likely infuse ₹15,000 crore in state-run banks in the second half of March to help the lenders meet tighter capital-reserve requirements. Punjab and Sind Bank and Central Bank of India, the only lender that still faces lending curbs, are likely to be the biggest beneficiaries of the infusion though the exact quantum of support is to be decided.

Hero MotoCorp: Has collaborated with Bharat Petroleum to set up charging infrastructure for electric two-wheelers across the country. In the first phase, charging stations will be set up across nine cities, starting with Delhi and Bengaluru. The network will be then expanded across the country.

Mahindra Finance: Mahindra & Mahindra Financial Services raised ₹300 crore by issuing bonds on a private placement basis. A meeting of the committee of the board approved allotment of 3,000 secured redeemable non-convertible debentures (NCDs) of a face value of ₹10 lakh each, aggregating to ₹300 crore through private placement. The bonds are set to mature on 22 February 2024.

IIFL Home Finance: Has signed a $68 million loan with Asian Development Bank (ADB) to improve funding to affordable green housing for lower-income groups in India. The funding comprises a direct ADB loan of up to $58 million and a $10 million concessional loan by the Canadian Climate Fund for the Private Sector in Asia.

Jet Airways: The new promoters of Jet Airways–Jalan-Kalrock consortium–has appointed former Sri Lankan Airlines chief executive Vipula Gunatilleka as chief financial officer of the airline. Gunatilleka, who will be joining the airline from 1 March, is credited for the turnaround of loss-making national carrier of Angola, TAAG Angola Airlines, where he he was CFO and board member.

Uttam Galva Steel: Deutsche Bank has moved the National Company Law Tribunal to block ArcelorMittal’s ₹4,000-crore takeover of Uttam Galva Steels under the Insolvency and Bankruptcy Code. The lender has claimed that it has been wrongly excluded from the insolvency process. The LN Mittal-owned steelmaker formerly held 30% in Uttam Galva and is the only bidder for the company.

Dilip Buildcon: Has won a road project in Chhattisgarh. It has been declared the L-1 bidder for a new HAM project under Raipur-Visakhapatnam in the state and the order is worth ₹1,141 crore.