Stocks in focus on June 25: SBI Life, Welspun to NTPC; here are 5 newsmakers of the day
SBI Life Insurance Company: BNP Paribas Cardif, the foreign partner of SBI Life Insurance, will sell up to 2.5 crore shares, representing 2.5% stake in the insurance company, for at least Rs1,625 crore through an offer for sale (OFS) mechanism.
At the stock markets, the Sensex at the Bombay Stock Exchange closed on a lower note on Monday, June 24, 2019, in a red. But there were certain stocks that came in news after the market was closed for trading purposes and can impact the indices after they reopen once again on Tuesday, June 25, 2019. Here is a list of five such stocks:
SBI Life Insurance Company: BNP Paribas Cardif, the foreign partner of SBI Life Insurance, will sell up to 2.5 crore shares, representing 2.5% stake in the insurance company, for at least Rs1,625 crore through an offer for sale (OFS) mechanism. The two-day OFS, for which the floor price has been fixed at Rs650 per share, will open on Tuesday, June 25, 2019. The offer-for-sale (OFS) will open for subscription to the retail investors tomorrow, on June 26, 2019. BNP Paribas held 7.7 crore shares, representing a 7.7% stake in the insurance company as on March 31.
L&T Technologies: Larsen and Toubro Ltd has announced offer for sale (OFS) up to 2 lakh equity shares representing 0.19% of the total paid up equity share capital of L&T Technology Services Ltd of face value of Rs2 each on June 25, 2019 for non-Retail Investors only and on June 26, 2019 for Retail Investors and for Non-Retail Investors who choose to carry forward their unallotted bids. The floor price for the two-day OFS has been fixed at Rs1650.
Welspun Corporation: The pipe maker on Monday announced Rs390 crore share buyback plan for 2.8 crore shares at Rs135 apiece. The company will buy back up to 2.88 crore equity shares. The buyback committee has fixed Friday, July 5, 2019, as the record date to determine the Equity shareholders of the company who would be eligible to participate in the Buyback of Equity Shares of the Company.
NTPC/Power Grid: The state-run power major NTPC in its BSE filing on Monday said that it has signed an agreement with Power Grid Corporation to form a 50:50 joint venture to enter electricity distribution business and other related activity.
Eris Lifesciences: The Board of Directors of the company will consider a proposal of buyback of the fully paid-up equity shares of the Company of the face value of Re1 each at its meeting scheduled to be held on July 3, 2019.