Orchid Pharma on Wednesday said that stock exchanges have started freezing the shares of its promoters because of company’s failure to comply with SEBI’s minimum public shareholding norms within the stipulated time period. The company stated that in its effort to maintain minimum public shareholding at 25 per cent of the total shareholding, its promoter company Dhanuka Laboratories made an offer for sale representing 8.04 per cent of equity shareholding in 2021. After the offer for sale, the promoter held 89.96 per cent of the equity shares, bringing the public shareholding to 10.04 per cent within 18 months from the date of acquiring the company, it added.
Vedant Fashions Ltd (VFL), which owns the ethnic wear brand Manyavar, on Wednesday said that one of its promoters is planning to sell up to 7 per cent stake in the company for a minimum consideration of ₹1,962 crore. Ravi Modi Family Trust, a promoter of VFL, proposes to sell up to 1.69 crore equity shares, which is 7 per cent of the total issued and paid-up equity share capital of the company, according to a regulatory filing. The floor price for the offer is ₹1,161 per equity share.
Lemon Tree Hotels has signed a licence agreement for an 82-room property in Lucknow, Uttar Pradesh, under the company’s brand ‘Lemon Tree Premier’. The property is expected to be operational by August 2026. Its subsidiary Carnation Hotels will be operating this property.
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JSW Steel has been declared as a preferred bidder for the composite licence of an unexplored iron ore mine—Surjagad 4 iron ore block—in Gadchiroli district in Maharashtra.
Four entities on Wednesday settled with capital markets regulator SEBI a case pertaining to alleged insider trading in the shares of Poonawalla Fincorp Ltd, earlier known as Magma Fincorp Ltd, after paying ₹10.97 crore towards the settlement fee.
The Reserve Bank of India has given its approval to SBI Funds Management (SBIFML) to acquire up to 9.99 per cent stake in HDFC Bank, the private sector lender said on Wednesday. The approval has been granted with reference to the application made by SBIFML to RBI, HDFC Bank said in an exchange filing.
The board of Jindal Stainless has approved raising funds up to ₹5,000 crore or equivalent in any freely convertible foreign currency, an exchange filing by the company said.
Pricol Ltd has filed a preliminary objection against Minda Corporation Ltd’s application to the Competition Commission of India (CCI) to further increase its stake in it. Earlier this month, Minda Corporation decided to approach the CCI to increase its stake in Pricol to up to 24.5 per cent following the acquisition of a 15.7 per cent stake by purchasing over 1.91 crore shares of the latter from the open market on February 17.
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Lancor Holdings Ltd’s two new projects—Sahana at Burkit Road and Hiranmayi at Bazullah Road—have obtained all required permissions and sanctions, and awaiting RERA approval.
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