Steel Authority of India, Tata Motors and Infosys to see some action today

The government is planning to offload up to 10 per cent stake in Steel Authority of India (SAIL) and the offer for sale (OFS) will open on January 14, 2021 for non-retail investors. For retail investors it will open on January 15, 2021. Government would divest 5% equity with a 5% green shoe option. The government holds 75 per cent stake in SAIL.

Tata Motors has unveiled a new petrol variant of its premium hatchback Altroz with sales expected to begin from next week across the country. The new trim comes with 1.2 litre bi-turbocharged petrol powertrain which produces 110 PS of power helping the model cross 0-100 km/hr in less than 12 seconds. The company already sells Altroz with 1.2 litre petrol engine which generates 86 PS of power. The 1.5 litre diesel powertrain on the other hand produces 90 PS of power.

Infosys has signed definitive agreement to purchase assets and onboard employees of Carter Digital, one of Australia’s leading and award-winning experience design agencies. This asset takeover strengthens Infosys’ global design and experience offerings, demonstrates its continued commitment in bringing innovative thinking, talent and creativity to its clients, and provide effective global digital solutions.

NHPC has signed definitive agreement for implementation of the approved resolution plan submitted by the company. The agreement is for takeover of Jalpower Corporation (JPCL), who was implementing 120 MW Rangit Stage-IV HE Project in Sikkim.

Power Grid Corporation of India has signed the ‘Termination Agreement’ amongst Reliance Infrastructure (Rlnfra) and Parbati Koldam Transmission Company (PKTCL) terminating the Shareholders' Agreement which was executed between Power Grid, Rlnfra and PKTCL to form a JVC named PKTCL, wherein POWERGRID and Rlnfra hold 26% and 74% equity shares in PKTCL, respectively. By signing termination agreement, Rlnfra proposed to sell their entire shareholding i.e. 74% in PKTCL to a third Party

Bank of Baroda has raised Rs 969 crore through unsecured rated listed subordinated non convertible fully paid up Basel III additional tier 1 perpetual bonds Series XV and allotted 8.15%, 9,690 Basel III Compliant Additional Tier I Bonds. 

IMEC Services’ material subsidiary -- RSAL Steel has been declared as a wilful defaulter by State Bank of lndia (SBI). Further the company being the corporate guarantor of RSPL has also been declared as a wilful defaulter by SBI. The company and RSPL are in consultation with their legal counsels, to challenge the decision by taking appropriate legal action that may be required in this regard.