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Bharti Airtel raises $1.25 billion through various debt instruments

Bharti Airtel on Thursday said it has raised funds to the tune of $1.25 billion via various debt instruments. It is learnt that a clutch of global investors, including Goldman Sachs Asset Management, Fidelity, and BlackRock, have evinced an interest in the company’s overseas bonds. The fund-raising is part of the company’s preparation for the upcoming spectrum auctions, where the exchequer hopes to raise Rs 3.92 trillion. Airtel said this is the first-ever dual-tranche US dollar bond issued by the company, spread across senior and perpetual issuances. “This is the largest issuance by any Indian investment grade issuer since January 2019,” Airtel said in a statement.

Tube Investments ropes in Korean firm for 3-wheeler EV technology

Murugappa Group's Tube Investments India (TII) has said that it partnered with a Korean firm to design electric three wheeler. The Rs 38,000 crore Murugappa Group intends to enter complete automobile manufacturing through its group company TII, which is planning to make and sell electric three-wheelers. During an analyst call, Vellayan Subbiah, managing director, TII said that the company will start manufacturing and selling electric three wheelers by December to January time-frame

Heranba Industries IPO subscribed 83 times on strong HNI support

The intial public offer (IPO ) Gujarat-based Heranba Industries was subscribed 83 times on Thursday, the issue's final day. The institutional investor portion was subscribed 67 times. The wealthy investor portion by 271 times, and retail investors subscribed 11 times the portion reserved for them. The price band for the IPO was set at Rs 626-627 per share. The issue comprises Rs 60 crore of fresh fundraise and Rs 565 crore of offer for sale. At the upper end, the IPO is priced at nearly 23 times its trailing 12-month earnings and values the company at Rs 2,509 crore. Heranba is a crop protection chemical manufacturer, exporter and marketing company.

Mahindra sells its entire stake in First Choice Services to TVS Automobile

Mahindra Holdings, a wholly-owned subsidiary of Mahindra and Mahindra has concluded the sale of its 100 per cent stake in Mahindra First Choice Services (MFCS) to TVS Automobile Solutions, the company said in a stock exchange notification. It has sold the residual stake in the services arm of the used car business for a consideration of Rs 21.5 crore. It has also sold its entire stake aggregating 100 per cent of optionally convertible redeemable preference shares in Auto Digitech, a wholly-owned subsidiary of Mahindra Holdings for a cash consideration of Rs 13.5 crore to TVS.

Cochin Shipyard bags Rs 10,000-crore Navy order for six missile vessels

Cochin Shipyard on Tuesday said it has emerged as the lowest bidder for a Rs 10,000-crore contract by the Indian Navy, to build Next Generation Missile Vessels. The state-owned company has emerged as a forerunner in the Indian shipbuilding and ship repair industry that can build and repair the largest vessels in India. "At the meeting held today (February 23) at the Ministry of Defence, New Delhi, Cochin Shipyard Ltd (CSL) has been declared as L1 (the lowest bidder) in the tender floated by the Indian Navy for construction of six Next Generation Missile Vessels (NGMV)," CSL.

Ashok Leyland to acquire Nissan International's 38% stake in Hinduja Tech

Ashok Leyland has entered into a share purchase agreement with Nissan International Holding BV to acquire the latter's 38 per cent stake in Hinduja Tech Limited (HTL) for Rs 70.20 crore.

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