Power Grid, Puravankara and Bharat Forge to see some action today

Power Grid Corporation of India, pursuant to its selection as the successful bidder under tariff-based competitive bidding, has acquired Ramgarh New Transmission (RNTL), the Project SPV (special purpose vehicle) to establish transmission system strengthening scheme for evacuation of power from solar energy zones in Rajasthan (8.1 GW) on March 9, 2021. The entity was acquired for an aggregate value of about Rs 5.61 crore including 50,000 equity shares at par at Rs 10 each along with assets and liabilities of the company as on the acquisition Date. 

Puravankara has launched its first ultra-luxury project in Mumbai, ‘Purva Clermont’. This venture will mark its re-entry in the city and its maiden foray into the ultra-luxury category under the WorldHome Collection in the Mumbai Metropolitan Region (MMR). WorldHome Collection is the new range of ultra- Luxury homes by Puravankara.

Bharat Forge has made further investment of Rs 4 crore in its associate company - Aeron Systems Private (Aeron) by way of purchasing 39,000 equity shares of face value Rs 10 each at a premium of Rs 1,015.64 in accordance with the terms of Shareholders Agreement with Aeron and its founders.

JSW Energy’s Finance Committee has approved the allotment of 1,750 Secured, Redeemable, Rated, Listed, Taxable, Non-Convertible Debentures of Rs 10,00,000 each aggregating to Rs 175 crore.

Indian Bank’s committee of directors has accorded approval for raising of equity capital of the bank aggregating up to Rs 4,000 crore (including premium) through qualified institutions placement (QIP) in one or more tranches. The fund raising would be subject to all statutory and regulatory approvals. Following the QIP, the government holding in the bank will come down from the existing level. The government as the promoter of the bank holds 88.06 per cent in the Chennai-headquartered Indian Bank.

Enterprise International has received approval from board for adoption of new business opportunities to carry on the business of Resins which is covered under main objects of the company. It would be in addition to the present business of the company. The new business activity is expected to contribute positively to the profitability of the company.  There would be normal working capital requirements and no capex is needed.   

Somany Home Innovation (SHIL) has launched India’s first foldable Air Cooler ‘i-Fold’ and a futuristic range of IoT-enabled Air Coolers. The new range is in sync with the growing need of consumers for building smart homes, and the off-season storage concerns they have. The range of air coolers are available across leading e-commerce portals such as Amazon India, Flipkart, Hindware’s own portal www.evok.in, and select retail stores.