Tata Power, NALCO and Biocon to see some action today

Tata Power has acquired 51% equity stake each in TP Southern Odisha Distribution (TPSODL) and TP Western Odisha Distribution (TPWODL) for a consideration of Rs 127.50 crore and Rs 255 crore, respectively. GRIDCO (GRIDCO) will hold balance 49% equity stake each on TPSODL and TPWODL.

National Aluminium Company (NALCO) is planning to invest around Rs 30,000 crore over the next 7-8 years on its expansion and diversification. Of the proposed investment, Rs 22,000 crore will be spent on smelter and captive power plant (CPP) expansions, which also include expansion of the company’s smelter plant at Angul district in Odisha with construction of a 1400 MW feeder CPP. Besides, the company will spend over Rs 7,000 crore on the 5th stream refinery, Pottangi bauxite mines, bauxite transportation system from south block & Utkal D & E coal mines.

Biocon’s subsidiary--Biocon Biologics (BBL) has received approval from its board for a primary equity investment by Abu Dhabi based ADQ (ADQ), one of the region’s largest holding companies. As per the terms of the proposed agreement, ADQ will invest Rs 555 crore for a 1.80% minority stake in the biosimilar business, valuing Biocon Biologics at a post money valuation of around $4.17 billion.

Lupin has received tentative approval for its Empagliflozin and Metformin Hydrochloride Extended Release (ER) Tablets, 5 mg/1000 mg, 10 mg/1000 mg, 12.5 mg/1000 mg, and 25 mg/1000 mg, from the United States Food and Drug Administration, to market a generic equivalent of Synjardy XR Tablets, 5 mg/1000 mg, 10 mg/1000 mg, 12.5 mg/1000 mg, and 25 mg/1000 mg, of Boehringer Ingelheim Pharmaceuticals, Inc. The product will be manufactured at Lupin's Nagpur facility in India.

Oil and Natural Gas Corporation (ONGC) has approved the offer and issuance of up to 15,000 unsecured, listed, redeemable, non-cumulative, taxable, NCDs of face value of Rs 10,00,000 at par aggregating to a total issue size of up to Rs 1,500 crore on a private placement basis to identified investors at the interest rate of 4.50% p.a. payable annually. The NCDs will be listed on the BSE (wholesale debt market segment).

Union Bank of India is issuing Basel Ill compliant Perpetual Debt Instruments in the nature of Debentures eligible for inclusion in Additional Tier 1 Capital (Bonds) Series XXVlll of Rs 300 crore with Green Shoe Option up to Rs 700 crore (maximum Rs 1,000 crore) on private placement basis. The coupon on the bonds is fixed at 8.64 percent per annum.

Rubfila International has commenced Commercial Production of second production line at its unit at Madathukulam, Palani Taluk, Dindigul District, Tamil Nadu on January 7, 2021.