Stocks in Focus on March 29: Veranda Learning IPO, Tata Power, Aurobindo Pharma, Power Grid, J&K Bank and many more

Benchmark indices snapped a three-day losing streak and ended with decent gains on Monday, March 28, 2022. The broader index S&P BSE Sensex rose 231.29 points or 0.40% at 57,593.49. The Nifty 50 index gained 69 points or 0.40% to settle at 17,222. But certain stocks came in the news after the market was closed. These stocks can impact the indices when it reopens on Tuesday, March 29, 2022. List of such Stocks:

IPO & FPO Update

Veranda Learning Solutions IPO: Chennai-based Veranda Learning Solutions will launch its initial public offering (IPO) today, i.e., on March 29, 2022, and will allow bidding till March 31, 2022. The company's issue size aggregates to Rs 200 crore (fresh issue). It has a price band of Rs 130-137 per share. The bidding lot will be 100 equity shares and in multiples thereof. Besides, the company has mobilised Rs 46.75 crore from the anchor investors on Monday, ahead of its IPO. Anchor investors who participated in the offer include names like AG Dynamic (53.48%), Resonance Opportunities (21.39%) and Next Orbit ventures (25.13%). 

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Uma Exports IPO: The Rs 60 crore initial public offering (IPO) of the company was subscribed 2.14 times on Monday, the first day for bidding. The Non-Institutional Investors (NIIs) portion was subscribed 0.46 times while Retail Individual Investors (RIIs) was subscribed 2.90 times. The public offer will close on March 30, 2022. Uma Exports Ltd has set the price band for its public issue at Rs 65-68 a share. The company will utilise Rs 50 crore out of this to fund its working capital requirements. The market lot size is 200 shares. 

Ruchi Soya FPO Update: Patanjali-backed FMCG company Ruchi Soya Industries' follow-on public offering (FPO) worth up to Rs 4,300 crore, was subscribed 3.60 times on Monday, the third and last day for bidding. It shows bidding for 17.56 crore equity shares against 4.89 crore shares on offer. The portion set aside for Retail Individual Investors (RIIs) was subscribed 0.90 times. The Qualified Institutional Buyers (QIBs) and Non-Institutional Investors portions were subscribed 2.20 times and 11.75 times. It had fixed a price band of Rs 615-650 for this FPO.

Besides, the Securities and Exchange Board of India (SEBI) on Monday provided an option to the investors in Ruchi Soya's FPO to withdraw their applications. The withdrawal window will remain open till March 30, 2022. The regulatory body's directive came amidst the circulation of unsolicited SMSes advertising the issue. 

Stock in News

Tata Power: BlackRock and UAE sovereign wealth fund Mubadala Investment Co., reportedly, can buy a stake in the proposed new energy company being floated by Tata power. This energy company expected to be valued at around $500 crore is likely to house all the renewable energy assets like hydropower, transmission and distribution business. In addition, The company has also collaborated with real estate developer Rustomjee Group to set up EV charging units across all its residential and commercial projects in Mumbai. Besides, Tata Sons has a plan to raise up to Rs 5,000 crore by selling stakes in group companies. It may sell its stakes in Tata Consumer, Tata Power, Tata Realty and Infrastructure. 

Aurobindo Pharma Ltd.: The Board of Directors of the Company on Monday approved the acquisition of the business and certain assets of Veritaz Healthcare Limited (Veritaz) for a cash consideration of Rs 171 crore. Veritaz operates in the pharmaceutical industry in India and sells branded generic formulations and other healthcare-related products.

Power Grid: The Committee of Directors on Investment on Projects of POWERGRID on Monday have accorded investment approvals worth Rs 821 crore across five projects. The five projects are:

1. Transmission System Strengthening beyond Kolhapur for export of Power from Solar & Wind Energy Zones in Southern Region- RE- Conductoring of Kolhapur (PG)- Kolhapur 400 kV DIC Line at an estimated cost of Rs 129.28 crore scheduled to be commissioned by February 2023.

2. Transmission System Strengthening for Srinagar-Leh Transmission System at an estimated cost of Rs 288. 71 crore scheduled to be commissioned by December 2024.

3. Augmentation of Transformation Capacity in Southern Region at an estimated cost of Rs 176.22 crore scheduled to be commissioned within 15 months from the date of MoP OM, i.e. by March 20, 2023.

4. Augmentation of Transformation Capacity at 4001220 kV Kurukshetra (PG) & Patiala (PG) Substations at an estimated cost of Rs 106.99 crore scheduled to be commissioned by February 15, 2023, for ICT at Kurukshetra SIS and by May 2023 for ICT at Patiala SIS.

5. Evacuation of RE in Tirunelveli and Tuticorin Wind Energy Zone (Tamil Nadu) 500 MW at an estimated cost of Rs 120.09 crore scheduled to be commissioned by March 2023.

G R Infraprojects: The company has emerged as an L-1 bidder for four laning of the existing 2-lane stretch from Govindpur, Maharashtra. The bid project cost for the order stands at Rs 907 crore. In addition, it has also emerged at the L-1 bidder for a four laning of the existing 2-lane stretch from Bamni, Maharashtra, and the bid project cost for the project is Rs 837 crore. Both the tenders were invited by the National Highways Authority of India (NHAI).

Kotak Mahindra Bank: Canada Pension Plan Investment Board has reduced its stakes in the bank from 5.77% to 4.35%. 

Escorts Open offer: The company's open offer came to an end on Monday. Around 5.2 crore equity shares have been tendered in the open offer which was fixed at Rs 2,000 per share. The acceptance ratio stood at 73%. 

SBI Life: Canada Pension Fund will offload 55.8 lakh equity shares (0.56% stakes) of the company in a bulk deal today. The price band for the deal has been fixed at Rs 1,039-1,077 per share (0-3% discount to CMP of Rs 1,070). 

J&K Bank: The Qualified Institutions Placement (QIP) of equity shares of the company opened on Monday at a floor price of Rs 33.41 per equity share. The Bank may at its discretion offer a discount of not more than 5% on the floor price so calculated for the Issue. The floor price has been fixed at a 4.1% premium over the previous closing. 

SRF: The Board has approved the appointment of Mr. Ashish Bharat Ram as Chairman and Managing Director from April 1, 2022, subject to shareholders' approval in the forthcoming Annual General Meeting. Further, the Board also decided to re-designate Mr. Kartik Bharat Ram as Joint Managing Director of the Company with effect from April 1, 2022, subject to shareholders' approval in the forthcoming Annual General Meeting.

Man Industries: Many promoters bought 1.81% stakes (10.5 lakh equity shares) of the company.

Aster DM Healthcare Ltd: The board of directors of the Company on Monday has constituted a Committee of Independent Directors of the Board to review the corporate structure of the Company and explore options for enhancing value('Restructuring'). The Committee is authorised to appoint advisors /consultants to assist the Committee in identifying and evaluating options.