Vodafone Idea, KEC International and IOC to see some action today

Vodafone Idea's board has approved proposal to raise funds up to Rs 14,500 crore through various means, including Rs 4,500 crore from promoter entities. The board approved issuance of up to 3.38 billion equity shares at issue price of Rs 13.30 per share, which aggregates to Rs 4,500 crore, to promoters on preferential basis. Issuance of upto 3.38 billion equity shares of face value of Rs 10 each at an issue price of Rs 13.30 per equity share (including a premium of Rs. 3.30 per equity share), which is at a 10% premium to the floor price of Rs 12.08 for an aggregate consideration of up to Rs 4,500 crore to Euro Pacific Securities and Prime Metals (Vodafone Group entities and promoters of the company), and Oriana Investments (Aditya Birla Group entity forming part of the promoter group).

KEC International, a global infrastructure EPC major, an RPG Group Company, has secured new orders of Rs 1,131 crore across its various businesses. The Transmission & Distribution (T&D) business has secured orders for T&D projects in Middle East and Americas. The orders in Middle East include maiden orders secured directly by our EPC subsidiary in UAE. The Railways business has secured order for 2 x 25 kV Overhead Electrification (OHE) and associated works for speed upgradation in India. The Civil business has secured orders in the cement, residential and public spaces segments in India and has added some prestigious clients to its portfolio. The Cables business has secured orders for various types of cables in India and overseas.

Indian Oil Corporation (IOC) will supply 12-13 fuel cargoes to Sri Lanka to help the island nation facing an energy crisis. The company will supply gasoil, gasoline and jet fuel to Sri Lanka over the next 4-5 months. The supplies shall be made under a $500 million line of credit extended by the government of India to Sri Lanka for purchase of fuels.

Tata Steel has initiated first equipment trial for cold rolling mill, pellet plant projects at Kalinganagar facility. This signifies the completion of a major milestone for the Kalinganagar expansion project from three to eight million tonnes per annum. Various projects were also launched at Tata Steel Jamshedpur and Kalinganagar to reassure the group’s commitment to the city and locations where it operates.

Kilitch Drugs has purchased a land, admeasuring approximately 15 Acres, at Village Maldev, Taluka: Pen, on Pen- Khopoli Highway to establish a green field pharma complex. Kilitch has been one of the prominent manufacturer for Injectables from more than 30 years. The time is ripe to get into the league of Biotech products to spur the growth. The company plan to setup 4-6 manufacturing units in different therapeutics categories to cater to the growing demands Nationally and Internationally.

IndiaMART Intermesh has entered into an agreement to acquire 10% of share capital (on fully diluted basis) of Zimyo Consulting. This investment is in line with the company’s long term objective of offering various Software as a Service (SAAS) based solutions for businesses. The indicative time period for completion of the acquisition is 45 days. As part of the current funding round, the company intends to invest upto Rs 17.01 crore.

Torrent Power has raised Rs 250 crore through Secured, Rated, Listed, Taxable, Non-Cumulative, Redeemable, Non-Convertible Debentures (NCDs) and allotted 2,500 NCDs of Rs 10 lakh each on private placement basis.