SBI, PNB, Lupin, Biocon, Laurus Labs in focus

November 25,2022

State Bank of India (SBI): A meeting of the Executive Committee of the Central Board of SBI is scheduled to be held on 29 November 2022 to seek approval for raising of Infrastructure Bonds up to an amount of Rs. 10,000 crore (including a green shoe option of Rs. 5,000 crores) through a public issue or private placement, during FY23.

Punjab National Bank (PNB): PNB has received approval of DIPAM, Ministry of Finance, Government of India for divestment of bank's entire/part stake in UTI Asset Management Company in single or multiple tranches for realization of gain on investment. The timeline for making the divestment is yet to be finalized.

Lupin: Lupin informed that the U.S. FDA inspected the company's Mandideep Unit-1 facility from 14 November 2022 to 23 November 2022. The inspection of the facility closed with issuance of a Form-483 with eight observations each for the Drug Product facility and API facility at the site.

Biocon: Biologics Limited (BBL), a subsidiary of Biocon has allotted equity shares to Biocon for an amount of Rs. 2,205.63 crore (~US$ 270 Million) on 23 November 2022. Biocon's stake in BBL will be 88.85% post allotment of shares.

Laurus Labs: Laurus Labs has entered into Share Subscription Agreement and Shareholders' Agreement with Ethan Energy India for subscribing 7,40,000 Equity Shares of face value of Rs 10 each at a premium of Rs 42.70 which is equivalent to 26% of the paid up capital of Ethan Energy India.

Hariom Pipe Industries: The company has completed the setting up of its 15 ton electric melting furnace and the commercial production from the same will commence from 25 November 2022. This will increase the company's production of MS Billets from the current 95,832 MTPA to 1,04,232 MTPA.

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