Diamond Power Infrastructure

Diamond Power Infrastructure share price slipped 5.6 per cent after promoters proposed to sell stake through offer for sale (OFS)

Adani Group is in talks to acquire a stake in Diamond Power Infra Ltd as part of a strategy to tighten vendor control and support its ₹1.45 trillion capex push; deal likely in 60 days

The northward movement in Diamond Power Infrastructure's share price came on the back of news that the company has received a letter of intent worth ₹214.65 crore from Adani Green Energy

Diamond Power Infrastructure will seek shareholders' approval to raise its borrowing limit to Rs 3,000 crore in its annual general meeting on December 14, according to a regulatory filing. It company requires to borrow funds from time to time to meet both its short and long-term business objectives from various external agencies like banks, financial institutions, bodies corporate, individuals or other kinds of lenders. The total amount of such borrowings as well as the outstanding at any time cannot exceed the aggregate of paid-up capital and free reserves of the company, except with the consent of the members as per Companies Act 2013, it explained. The company felt that the existing limit is not adequate and needs enhancement, accordingly, the resolution has been proposed to increase the borrowing limit to Rs 3,000 crore, the filing said. Its Board of Directors recommended the resolution as set out in item no 8 of the accompanying notice for the approval of the shareholders as a

CBI last week had registered a case against the aforementioned company and its directors for defrauding 11 banks

The stock was up 10% at Rs 57.45, rallied 45% from Rs 39.60 on Friday, October 14.

The stock locked in upper circuit of 10% at Rs 44.85, bounces back 20% from intra-day low of Rs 37.35 on the NSE.

The board approved allotment of 12 million shares at Rs 55 per share to the promoters' group companies on preferential basis.