PB Fintech: Japanese conglomerate SoftBank Group Corp is planning to sell a 5% stake in PB Fintech, the parent of online insurance marketplace Policybazaar, via a block deal on Friday, reported Reuters citing a report. Citi is the sole broker of the deal. Tomorrow's block deal, through which Softbank is aiming to raise ₹1,000 crore, could be at a base price of ₹440 a share, at a discount of 4.5% to today's closing price, according to reports.
ONGC: The Central Government on Thursday reduced to less than half the windfall tax on crude oil to ₹4,900 ($60.34) per tonne, as per a government order. The government has also slashed the export tax on diesel to ₹8 per litre. The tax on crude oil produced by companies like the state-owned Oil and Natural Gas Corporation (ONGC) has been cut to ₹4,900 per tonne from the existing ₹10,200 per tonne.
Yes Bank: The Reserve Bank of India (RBI) has given conditional approval to private equity investors Carlyle Group and Advent International to acquire up to 9.99% each in private lender Yes Bank, the bank said in a regulatory filing on Thursday. Yes Bank and its investors will engage with RBI for an early resolution of the conditions to procure the final approval, the bank added. It, however, did not elaborate on what these conditions were.
Hero MotoCorp: The country's largest two-wheeler maker Hero MotoCorp on Thursday said its wholesales increased by 12 per cent to 3,90,932 units. The company dispatched 3,49,393 units in November 2021. In the domestic market, the company's sales rose to 3,79,839 units as compared with 3,28,862 units in November last year. However, exports declined to 11,093 units last month from 20,531 units in 2021.
Britannia: Bakery foods company Britannia Industries expects its cheese products business to grow around five-fold in the next five years to touch around ₹1,250 crore. The company which earlier this week announced a joint venture with the French cheese maker Bel, currently has around ₹250 crore turnover from its cheese business, said its Vice-Chairman and Managing Director Varun Berry on Thursday.
Punjab National Bank: The Appointments Committee of the Cabinet (ACC) has approved the appointment of M Paramasivam as the executive director of government-owned Punjab National Bank with effect from today for a period of three years. He has served the bank for the last 32 years in various capacities as branch head of Vijaya Laghubitta Bittiya Sanstha, as regional and circle head of various regional and circle offices and also headed the priority credit wing at the head office of Canara Bank.
NMDC: The government on Thursday invited preliminary bids for the strategic sale of NMDC's Nagarnar Steel Plant. The last date for submitting bids for NMDC Steel Ltd is January 27, 2023, while the last date for submitting queries is December 29, 2022, the Department of Investment and Public Asset Management (DIPAM) said. NISP is in the process of being demerged from NMDC into a separate company NMDC Steel Ltd (NSL). Subsequent to the demerger, shares of NSL will be listed on the BSE, NSE, and Calcutta Stock Exchange.
Nazara Technologies: Listed gaming startup Nazara Technologies Ltd’s founder Nitish Mittersain has taken charge as the chief executive officer (CEO) of the company from Thursday. The development comes after Nazara’s former CEO Manish Agarwal stepped down from the post to pursue his entrepreneurial journey. However, he continues to hold a 1.15% stake in the company. Mittersain took to the social media platform LinkedIn to inform us that he will be taking the post of CEO in Nazara from today (1st December) onwards.
Orchid Pharma: Drug firm Orchid Pharma on Thursday said its board has approved raising ₹500 crore from institutional investors. The company's board has approved a Qualified Institutional Placement (QIP) programme to raise ₹500 crore, it said in a regulatory filing. With this QIP, the Dhanuka group, which took over the company in 2018, is also meeting its mandatory obligation to dilute a 15% stake in it by March 2023.
Bank of India: Public sector lender Bank of India has raised ₹1,500 crore through Basel-compliant Additional Tier 1 (AT-1) bonds. The bond issue was oversubscribed 12 times and the coupon rate is 8.57 per cent per annum. On Thursday, the bank in a statement said the issue consisted of a ₹500 crore base issue and a green-shoe option of ₹1,000 crore.
