📷 Image Credits: Mint
The Indian business sector is abuzz with various significant developments in key companies. Interglobe Enterprises, a promoter entity of Rahul Bhatia, plans to sell a stake worth $394 million in Indigo Airlines’ parent company, Interglobe Aviation, via a block deal. The proposed sale involves offloading around 2% of his stake in the company.
Vodafone Idea, a debt-ridden telecom company, announced that its board will meet on June 13 to consider a proposal to issue equity shares or convertible securities on a preferential basis to vendors. This comes as the company faces widening losses and a marginal increase in annual revenue from operations.
RVNL, Rail Vikas Nigam Limited, has been selected as the lowest bidder by Central Railway for work in the Amla-Nagpur Section in the Nagpur division of Central Railway. Additionally, a consortium of Siemens and RVNL has secured a contract worth ₹394 crore from Bangalore Metro Rail Corporation Ltd (BMRC), involving engineering, supply, erection, testing, and commissioning of various systems, to be executed within 130 weeks.
Tata Motors is offering substantial savings on a range of sought-after models, including the Tiago, Altroz, Nexon, Harrier, and Safari. Discounts and benefits reach up to ₹55,000 on select MY2024 units, enticing potential buyers.
IRB Infrastructure Developers is expecting Cintra, a subsidiary of Spanish infrastructure group Ferrovial, to sell up to a 5% stake in the company through a block deal priced between ₹63-70.16 per share, representing up to a 10.2% discount to the last closing price. The transaction size is approximately ₹1,900.3 crore at the lower end of the price band.
Jubilant Foodworks, the master franchise operator for Dominos in India, plans to double its outlets to 4,000 in the next four years. The company is eyeing around 200 new stores in India every year to achieve its medium-term goal of expansion and market presence.
