Laurus Labs, JTL Infra and Cochin Shipyard to see some action today

Laurus Labs has signed definitive agreements to acquire a majority stake in Richcore Lifesciences (Richcore). Richcore, a fast-growing biotech company based in Bengaluru with its advanced R&D and manufacturing facilities, develops and manufactures biotech products critical for manufacturing biological drugs. Richcore also helps its global customers to develop and scale-up their bioprocesses by providing contract research, development, and manufacturing services.

JTL Infra has commenced commercial production at recently acquired Mandi Gobindgarh Manufacturing Facilities. Addition of these ready to use manufacturing facilities at Mandi Gobindgarh shall strengthen company’s market share in Northern Region market. The company is expecting that with these add-on Mandi Gobindgarh facilities, revenue of the Company shall be increased by approximately Rs 200 crore on annual basis.

Cochin Shipyard is building two autonomous electric vessels with zero carbon emission for a Norwegian company. The production of the vessels began with a plate-cutting ceremony organised virtually at the company. The two vessels are being built for ASKO Maritime AS, Norway. The company signed contracts for construction and supply of the two autonomous electric ferries for the Norwegian company with an option to build two more identical vessels in July 15 this year.

Union Bank of India’s board has approved raising of equity capital up to Rs 6,800 crore (including premium, if any) during 2020-21 by way of various modes such as Public lssue (i.e. Follow-on Public Offer) and/or Rights Issue and/or Private Placements, including Qualified Institutions Placement and/or Preferential Allotment to the Government of India. The Board of Directors of the bank in its meeting held on November 25, 2020, has approved the same. Extraordinary General Meeting (EGM) for taking shareholders' approval in this regard will be held on December 30, 2020.

HDFC Bank has signed memorandum of understanding (MoU) with Inventivepreneur Chamber of Commerce & Industries (ICCI) to support SMEs and Start-ups. Through this association, ICCI will engage, enroll and support various Startups /SMEs /MSMEs to facilitate inter-alia financial and other facilities to/from HDFC Bank. HDFC Bank may offer bank accounts to Startups that are supported by Inventivepreneur and recommended by Inventivepreneur.

Shriram Transport Finance Company (STFC) has raised Rs 100 crore by issuing bonds on private placement basis. The allotment committee of the company in its meeting held on November 25, 2020, has approved and allotted senior secured rated, listed principal protected market linked redeemable Nonconvertible debentures (NCD) on Private placement basis for an issue size of Rs 75 crore plus green shoe option of Rs 25 crore.

Shradha Infraprojects’ wholly owned subsidiary -- Active Infrastructure has resumed the construction work for NIT situated at Rangilal Marg, Mangaiwari Bazar, Nagpur having Land area of around 5290 Sq. Meter. The total construction area of the said project will be around 19000 Sq. Meter.