Whalesbook
The Government of India is set to divest a portion of its stake in a public sector bank through an Offer for Sale (OFS). The Department of Financial Services announced plans to sell up to 4% of the bank's total equity, with an option to sell an additional 4% if the offer is oversubscribed. The floor price for the sale has been set at ₹31 per equity share.
Dalmia Cement (Bharat) Ltd, a subsidiary of Dalmia Bharat Ltd, has agreed to acquire cement assets from Jaiprakash Associates Ltd (JAL) for an enterprise value of ₹2,850 crore. The deal includes cement plants located in Rewa, Madhya Pradesh, and facilities in Churk, Chunar, and Sadwa in Uttar Pradesh. This acquisition represents a significant strategic expansion for Dalmia Cement.
In a separate development, Eicher Motors Ltd (EML) and Volvo Group are creating a new 50:50 joint venture focused on financial services, including financing and leasing, within India. EML's board has approved an investment of up to ₹750 crore for its 50% stake in Volvo Financial Services (VFS) India. This venture will act as the dedicated financing arm for Volvo Eicher Commercial Vehicles Ltd (VECV) and other Volvo Group products in the Indian market, building on their existing collaboration.
Other corporate announcements include Tejas Networks Ltd receiving multiple managed services orders from iQor India Services Private Limited totaling ₹24.58 crore. Carysilnox Limited, a subsidiary of Carysil Ltd, has increased its annual manufacturing capacity for stainless steel kitchen sinks to 250,000 units. Dhabriya Polywood Ltd secured a ₹10.90 crore order for uPVC windows and doors, and Cryogenic OGS Limited received a ₹1.49 crore purchase order for metering skids. Additionally, PepsiCo India has extended its bottling and trademark licensing agreement with a local partner until April 2049.