Stocks to watch: Landmark Cars, Abans Holdings, Reliance, Yes Bank, JK Cement | Daily News Byte

Landmark Cars: Landmark Cars’ stock is expected to go public today. The initial public offering (IPO) of auto dealer chain Landmark Cars was oversubscribed 3.06 times on the last day of subscription on Thursday, with strong interest from institutional buyers. At the initial sale of shares, offers were received for 2,46,45,186 shares against 80,41,805 shares in the offer.

Abans Holdings: Abans Holdings IPO is expected to debut on the stock exchanges today. Abans Holdings Limited raised INR 346 Crores through this IPO. The price range is fixed ₹256 per share up to ₹270 per share at par value ₹2 each. About ₹80 million of the proceeds from the new issue will be used to invest in the company’s NBFC subsidiary, Aban Finance, to fund the increase in its capital base to meet its future capital requirements.

Reliance Industries: Reliance Industries-backed Reliance Strategic Business Ventures (RSBVL) on Thursday acquired 23.3% stake in Ekin Technologies (Ekin) for a total consideration of $25 million. The deal is expected to have synergies with Reliance’s investments and strategic initiatives in the areas of unmanned aerial vehicles, industrial safety and security and robotics. RIL announced the development in its regulatory filing.

JK Cement: JK Cement on Thursday announced its foray into the paint business by acquiring 60% stake in Rajasthan-based Acro Paints in ₹153 million business. Its wholly owned subsidiary JK Paints and Coatings Ltd entered into a share purchase agreement with Acro Paints Ltd and its shareholders to acquire a 60 percent controlling stake in the company. “The remaining 40 percent will be acquired over a period of 12 months according to the final agreement between the parties,” the joint statement said.

Bank of Maharashtra: Public sector lender Bank of Maharashtra (BoM) on Thursday said it has increased ₹880 million through Additional Tier 1 (AT1) bonds that were Basel III compliant. The issue was closed on the same day, and the estimated date of award is December 26. According to the bank’s statement, the offer, which included the option of green shoes, was valuable ₹680 crore, received more than four times the subscription of the base size ₹200 crowns. The bonds were issued with a coupon rate of 8.74 percent, the BoM said.

Yes Bank: In a fresh twist in the Yes Bank-Dish TV case, the private sector bank has transferred its 24.19% stake in JC Flowers Asset Reconstruction Co, along with a core loan to Subhash Chandra’s Essel group of companies, the bank said in a stock market filing on Thursday. The move is part of the lender’s move to pass on the value of bad loans ₹48,000 crores from its books to the property reconstruction company under the proposed 15-85 structure. With the transfer of Dish’s shares, it will have more flexibility to continue the recovery process.

IFCI: Infrastructure lender IFCI Ltd on Thursday said its shareholders have accepted a proposal to raise up to ₹1,000 crowns through bonds and other instruments. The decision was made at the company’s annual general meeting (AGM) held on Thursday. The shareholders have authorized the board of directors to raise funds, including through bonds and non-convertible debentures, private placement in one or more tranches, up to the amount of ₹1,000 crowns.

Ramco Systems: Ramco Systems on Thursday received approval from its board of directors to raise funds of Rs ₹160 million through the issuance of equity shares and warrants on a preferential basis. The shares will be issued on the basis of a private placement. Further, the shares will be issued at a premium to the current market price. According to the regulatory filing, Ramco Systems will issue up to 14,59,854 warrants at a price of ₹274 by order which is consolidated on ₹40 crowns.

Mahindra Lifespace Developers: Real estate firm Mahindra Lifespace Developers Ltd has completed the acquisition of a 9.24-acre plot in Mumbai from Mahindra & Mahindra Ltd for ₹365 crowns. In February this year, Mahindra Lifespace announced that it will buy land in Kandivali, Mumbai from Mahindra & Mahindra Ltd to develop a residential project. Mahindra & Mahindra is the promoter and holding company of Mahindra Lifespace Developers.

Ajanta Pharma: The promoters of Ajanta Pharma on Thursday sold 4.3% stake in the company to ₹637 million through open market transactions. Buyers included over two dozen funds such as UTI Mutual Fund (MF), Aditya Birla Sun Life MF, Franklin Templeton MF, ICICI Prudential MF, Mirae Asset MF, Abu Dhabi Investment Authority and Tata AIA Life Insurance Company, among others. Aayush Agraval Trust and Ravi Agraval Trust transferred a total of 54,92,846 shares, amounting to 4.3% stake in Ajanta Pharma.