Stocks in Focus on April 23: Essel Propack, Biocon to McLeod Russel; here are the 5 newsmakers of the day
Domestic stocks market logged strong losses on Monday, April 22, 2019, as global crude prices spiked up and went up to its highest levels in almost six months as the US government reportedly said it won't renew waivers to allow buyers to buy Iranian crude.
Domestic stocks market logged strong losses on Monday, April 22, 2019, as global crude prices spiked up and went up to its highest levels in almost six months as the US government reportedly said it won't renew waivers to allow buyers to buy Iranian crude. However, there were certain stocks that came in news after the market was closed for trading for the day and can influence the market after it reopens for trading purposes on Tuesday, April 23, 2019. Here is the list of five such stocks:
Essel Propack: Private equity firm Blackstone Group Lp has agreed and signed a definitive agreement to buy a 51 per cent stake at Rs134 a share in speciality packaging company Essel Propack Ltd. According to takeover norms of the Securities and Exchange Board of India (Sebi), the deal will trigger a mandatory open offer requiring Blackstone to purchase an additional 26 per cent stake in Essel Propack. The PE firm has offered to buy the 26 per cent stake at Rs139.19 a share.
Biocon Limited: Board of Directors of the pharmaceutical company is scheduled to meet on April 25, 2019, to consider and recommend a proposal for dividend and issue of bonus shares.
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Lakshmi Vilas Bank: The bank on Monday said that it proposes to raise Rs188.16 crore by allotting 4.99 per cent of its shares at Rs112 apiece on a preferential basis to Indiabulls Housing Finance Ltd. In this regard, an extraordinary general meeting (EGM) will be held on May 20.
GAIL: The natural gas transmission company, GAIL, has emerged as the highest bidder for seven operating wind power plants of the debt-laden Infrastructure Leasing & Financial Services (IL&FS) by offering Rs4,800 crore.
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McLeod Russel: The bulk tea producer McLeod Russel on Monday informed the stock exchanges has it has entered into an agreement with Luxmi Tea Company for the sale of three of its estates in Assam for an estimated value of around Rs150 crore. In the process, it will be selling specified assets of Addabarie Tea Estate, Mahakali Tea Estate and Dirai Tea Estate. The sale is subject to approval from appropriate authorities.