Stock that will see action today: 11 July 2024

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State Bank Of India has raised ₹10,000 crore at a coupon rate of 7.36 per cent through its sixth infrastructure bond issuance. The issue attracted an enthusiastic response from investors with bids in excess of ₹18,145 crore and was oversubscribed by around 3.6 times against the base issue size of ₹5,000 crore.

UltraTech Cement on Wednesday announced the acquisition of an additional 25 per cent stake in UAE-based RAKWCT, taking its total holding to 54.39 per cent. Following this, UAE-based RAK Cement Co for White Cement and Construction Materials PSC (RAKWCT) has “become a subsidiary” of UCMEIL, its step-down firm, according to a regulatory filing from UltraTech Cement. The acquisition was made by UltraTech Cement Middle East Investments Ltd (UCMEIL), a wholly-owned subsidiary of the Indian cement maker in the UAE.

Zydus Lifesciences has received final approval from the United States Food and Drug Administration (USFDA) to market Sacubitril and Valsartan Tablets, 24 mg/26 mg, 49 mg/51 mg, and 97 mg/103 mg (USRLD: Entresto tablets). Sacubitril and valsartan combination is used to treat chronic heart failure in adults to help reduce the risk of death and hospitalization. The drug will be manufactured at the group’s formulation manufacturing facility in Moraiya, Ahmedabad (India).

The board of Indowind Energy has approved a proposal to raise ₹49 crore through the rights issue. The company will issue 2,14,66,956 shares at ₹22.50 a share for ₹49 crore. The record date for the issue is July 16, the company said. The entitlement ratio is 1:5.

Sona BLW Precision said that issued corporate guarantee worth $2.8 million in favour of Citibank (China) on behalf of its Chinese arm Comstar Automotive (Hangzhou). Corporate guarantee issued to secure its proposed working capital and term loan facilities in China.

The board of Glenmark Pharmaceuticals has approved a proposal to offload the remaining 7.84 per cent stake (96.09 lakh shares) in Glenmark Life Sciences via an offer for sale, for about ₹778 crore. The shares will be sold by Glenmark Pharmaceuticals and Chairman and Managing Director Glenn Mario Saldanha at a floor price of ₹810 per share, it added.

IdeaForge Technology has entered into a Share Subscription Agreement and a shareholders’ agreement with GalaxEye Space Solutions Private Limited for acquiring Series A Compulsory Convertible Preference Shares of GalaxEye Space Solutions Private Limited at a total consideration of about ₹8.29 crore. GalaxEye Space is an IIT Madras incubated space tech startup currently based out of Bangalore. The team size is 50+ with background from globally prestigious institutes such as ISRO and IITs along with seasoned industry experts and leaders.

The board of PowerGrid Corporation has approved to borrow funds up to ₹16,000 crore during the financial year 2025-26 through various sources including Domestic Bonds (Secured/unsecured, non-convertible, non-cumulative, redeemable, taxable/tax-free under private placement); and enhance the current borrowing limits from existing ₹12,000 crore to ₹15,000 crore during the financial year 2024-25.

Oriana Power has announced the receipt of a new order for a 40 MWp captive solar power plant located in Rajasthan. The order size is ₹155 crore.