MoneyWorks4Me

Allcargo Logistics, Gensol Engineering and L&T Finance to see some action today

06 Sep 2024 Evaluate

Allcargo Logistics’ Joint Venture Company -- Ecu Worldwide Korea has incorporated a Company in the name of ‘Allcargo ULS Terminals’ on August 29, 2024. Allcargo ULS Terminals is newly incorporated Company with object to own and lease warehouse, acquisition of warehouse is subject to the approval of Busan (Korea) port authorities.

Gensol Engineering has subscribed 9,999 Equity Shares which is 99.99% of total share capital of the company by investing Rs 99,990 in Gridstor Energy (The target company), by virtue of this transaction, the target company will become the wholly-owned subsidiary company of the Gensol Engineering. The company wants to carry out business of generation, development, accumulation, production, manufacturing, processing and distributing of any kind of power or electrical energy using wind energy, solar energy, renewable energy, battery storage etc., through its wholly-owned subsidiary company.

L&T Finance has raised Rs 175 crore through allotment of 17,500 Listed, Secured, Rated, Redeemable, Non-Convertible Debentures (NCDs) having face value of Rs 1,00,000 each through private placement basis. Maturity of the said NCDs will be on March 25, 2027. 

Akzo Nobel India has commenced the commercial production of the powder coating products from its plant at Gwalior, Madhya Pradesh, India (Gwalior plant) on September 5, 2024) with an installed production capacity of 5166 T per annum (original installed production capacity) which can be expanded basis future demand. Further, this commercial production is aimed at supporting capacity expansion considering the service level need of the powder coating market demand of the company mainly in North and Eastern India. An amount of around Rs 105 crore is the Investment of the company towards the aforesaid, and the same has been funded through internal accruals.  

Sacheta Metals has received additional new export order worth of Rs 5.6 crore from International client(s). The order is for export of Aluminium Utensils. The order is to be executed within 120 days.

Max Estates has raised Rs 800 crore through a successful Qualified Institutional Placement (QIP). The issue received overwhelming interest from Leading Domestic Financial Institutions and Foreign Institutional Investors, as investors showed strong confidence in the business fundamentals, project portfolio, and growth prospects of the company. The QIP was priced at Rs 597.50 per equity share representing a 4.97% discount on the Floor Price of Rs 628.74 per equity share. The proceeds from this capital raise will be strategically utilized for the acquisition of land, interests in land, and land development rights, furthering Max Estates' growth and expansion plans.

The Directorate of Revenue Intelligence has conducted a search at the registered & corporate office of the Company of M/s. Venus Pipes & Tubes, which concluded on September 5, 2024. The search was initiated under the Customs Act, 1962, in connection with the alleged evasion of customs duty on imported goods. While the full impact of the investigation is yet to be determined, the company has already deposited Rs 5 crore as a duty under protest. Venus Pipes stated that based on its preliminary assessment, the ongoing investigation is not expected to materially affect its financial operations or other activities.

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