RIL, Infosys, Lupin in spotlight

Reliance Industries (RIL) and bp on Friday announced the start of production from the R Cluster, ultra-deep-water gas field in block KG-D6 off the east coast of India. RIL and bp are developing three deepwater gas projects in block KG D6 - R Cluster, Satellites Cluster and MJ - which together are expected to meet approximately 15% of India's gas demand by 2023. These projects will utilise the existing hub infrastructure in KG D6 block. RIL is the operator of KG D6 with a 66.67% participating interest and bp holds a 33.33% participating interest.

Infosys on Friday (18 December 2020) announced that it has divested one-third of its holding in Boston-based Whoop Inc for about $10 million. In 2015, Infosys had made a minority investment of $3 million in Whoop, which offers performance optimisation solutions for professional athletes and sports teams.

Lupin on Friday (18 December 2020) announced that it has received US drug regulator's approval to market colesevelam hydrochloride tablets, 625 mg. The drug is a generic equivalent of Welchol tablets of Daiichi Sankyo, Inc. The drug is indicated to reduce elevated low-density lipoprotein cholesterol (LDL-C) in adults with primary hyperlipidemia. It is also indicated to reduce LDL-C levels in boys and postmenarchal girls, 10 to 17 years of age, with heterozygous familial hypercholesterolemia (HeFH).

Oberoi Realty said that its wholly-owned subsidiary Evenstar Hotels has purchased a hotel property situated at Dr. Annie Besant Road, Worli, Mumbai, for a consideration of Rs 1040 crore. The 221-key '5 Star' hotel will be operated and managed under the Ritz-Carlton brand. Earlier the hotel was owned by Oasis Realty (an association of persons), and is part of the project 'Three Sixty West' developed by Oasis Realty.

PVR said its board of directors approved the issue of equity shares of the company of the face value of Rs. 10/- each, against which American Depository Receipts (ADRs) or Global Depository Receipts (GDRs) may be issued, foreign currency convertible bonds, non-convertible debt instruments along with warrants, and/ or other securities in one or more tranches for an aggregate amount not exceeding Rs 800 crore.

CESC said that a proposal for issue of secured non-convertible debentures aggregating upto Rs 200 crore, will be considered by a committee of the board of directors of the company at its meeting to be held on 23 December 2020.

K P R Mill will set up a new sugar mill with higher ethanol capacity to increase revenue and profitability. K P R Mill has decided to establish a new sugar mill with sugar capacity of 10,000 tons of cane per day (TCD), power capacity of 47.50 megawatt (MW) and ethanol capacity of 230 kilo litre per day (KLPD).

Punjab National Bank (PNB) said that its capital raising committee approved the closure of the qualified institutions placement (QIP) issue on 18 December 2020. The sub-committee of the board approved the issue of 106,70,52,910 equity shares at Rs 35.50 each to the eligible qualified institutional buyers in the QIP, aggregating to Rs 3,788.03 crore.

IDBI Bank on Friday (18 December 2020) announced that the qualified institutions placement (QIP) committee of the board approved the closure of the QIP issue on 18 December 2020. The sub-committee of the board approved issuing 37,18,08,177 equity shares at Rs 38.60 each to the eligible qualified institutional buyers in the QIP issue, aggregating to Rs 1435.18 crore.

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