Motilal Oswal's rating upgraded to IND AA+, Infosys opens new block in Indore, Mazagon Dock MoU for shipyard, Granules India converts warrants, and more corporate announcements.
Motilal Oswal Financial Services and its key subsidiaries received a long-term credit rating upgrade to 'IND AA+' from India Ratings and Research, a Fitch Group company. The previous rating was 'IND AA' with a Positive Outlook. The upgrade applies to the non-convertible debentures and bank loan facilities of MOFSL and Motilal Oswal Home Finance, and to the NCDs of Motilal Oswal Finvest. India Ratings also affirmed the 'IND A1+' rating on commercial paper programmes across MOFSL, MOFL and Motilal Oswal Wealth.
Granules India allotted 2,49,82,906 equity shares of Re. 1 each to four promoter-group members after they exercised warrants. The conversion came at an issue price of Rs. 585 per share, for a total consideration of Rs. 1,461.50 crore across the two funding stages. Reliance Industries raised Rs. 12,000 crore through the allotment of 12,00,000 unsecured, redeemable, non-convertible debentures designated as “PPD Series Q,” each with a face value of Rs. 1,00,000. The issue included a Green Shoe Option that retained over-subscriptions up to Rs. 2,500 crore. The NCDs will be listed on BSE and NSE.
Venus Pipes & Tubes approved the creation and allotment of up to 22,27,544 equity shares by way of a preferential issue on a private placement basis. The shares, with a face value of Rs. 10 each, are priced at Rs. 1,670 per share. The deal aggregates to about Rs. 372 crore and involves 18 non-promoter public investors. Inga Ventures Private is acting as financial advisor.
Fine Organic Industries invested Rs. 55 crore in its wholly owned subsidiary Fine Organic Industries (SEZ) Private Limited through the subscription of 5,50,00,000 1% non-convertible, non-cumulative, non-participating, redeemable preference shares at a face value of Rs. 10 each. The funds will support a new manufacturing unit.
Infosys expanded its Indore Development Center by inaugurating a new 330,000-sq.-ft. Software Development Block at its Super Corridor campus. The company, which carries an Alpha Score of 57 out of 100 at AlphaScala, said the block strengthens its presence in Central India.
Mazagon Dock Shipbuilders signed an MoU with National Shipbuilding & Heavy Industries Park Maharashtra Limited to participate as the Anchor Shipyard in a proposed Greenfield Shipbuilding Industrial Cluster at Dighi, Maharashtra. The shipyard targets an annual capacity of at least 1.2 million Gross Tonnage and will enable construction of large commercial vessels.
Fortis Healthcare through its wholly owned subsidiary Fortis Hospotel signed definitive agreements with Seth Sunder Lal Jain Charitable Eye Hospital to provide healthcare services at a 400+ bedded super specialty hospital in Ashok Vihar, New Delhi. The hospital is expected to begin operations in 3-4 years. The healthcare services agreement has a committed term of 29 years with an option to extend.
Krsnaa Diagnostics executed a Concession Agreement with the Punjab Health Systems Corporation for developing, operating and maintaining PET-CT diagnostic facilities across four government hospitals in Punjab. The project follows a Public-Private Partnership model under the DBFOT format with a 15-year concession tenure.
Highway Infrastructure received a Letter of Acceptance from the Uttar Pradesh Expressways Industrial Development Authority for toll collection and operation of the Gorakhpur Link Expressway. The first-year payment is Rs. 105.08 crore, escalating 10% annually, for a two-year total value of Rs. 220.66 crore.
Praveg received a Letter of Acceptance from Tourism Corporation of Gujarat Limited for event infrastructure and operations at the Statue of Unity Area in Gujarat. The contract value is about Rs. 13 crore plus applicable GST.
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