Stocks in news: Biocon, Inox Green Energy, IDFC and others

Stocks in news: Biocon, Inox Green Energy, IDFC and others

Before the opening bell, take a look at the businesses generating news.

Biocon: Biocon Biologics has finished acquiring the international biosimilars business of Viatris. The acquisition of Viatris Inc.'s biosimilars operations and assets by Biocon Biologics and its subsidiary was successfully completed. Biocon subsidiaries acquired businesses by subscribing to 100% of Biosimilar Collaborations Ireland (BCIL), a company formed in Ireland, and by purchasing 100% of Biosimilar NewCo (BNCL), a corporation incorporated in the United Kingdom. As a result, BNCL and BCIL are now indirect subsidiaries of Biocon and step-down subsidiaries of Biocon Biologics, respectively. The $2 billion in upfront cash payment and the $1 billion in CCPS issue made up the multi-billion dollar and value-accretive transaction.

Dhanlaxmi Bank: MS Param Value Investments picks 0.6% stake in Dhanlaxmi Bank. MS Param Value Investments acquired 15 lakh equity shares or 0.6% stake in the lender at an average price of Rs 15.96 per share. The stock surged nearly 9% to close at Rs 16.25 on Tuesday.

Usha Martin: Promoter Peterhouse Investment offloads 2.5 lakh shares in Usha Martin. Promoter Peterhouse Investment Ltd & PACs offloaded 2.5 lakh shares or 0.08% stake in Usha Martin via open market transactions on November 29. With this, its shareholding in the company reduced to 1.13%, down from 1.21% earlier.

IDFC: Sebi approves change in control of IDFC Mutual Fund. Market watchdog Sebi has approved the change in control of IDFC Mutual Fund. In April 2022, the board of directors of IDFC and IDFC Financial Holding Company had approved the divestment of IDFC Asset Management Company and IDFC AMC Trustee Company to the consortium. The consortium comprised Bandhan Financial Holding, Lathe Investment Pte. Ltd. (affiliate of GIC), Tangerine Investments, and Infinity Partners (affiliates of ChrysCapital).

Inox Green Energy Services: Inox Green Energy Services initiates strategic action to deleverage its balance sheet. Inox Wind and its subsidiary Inox Green Energy Services, as part of the strategic initiative to deleverage their respective balance sheets, have recently paid Rs 250 crore and Rs 161 crore (aggregating to Rs 411 crore) towards reducing their debt. Consequently, the corporate guarantees given by Gujarat Fluorochemicals have also got reduced to that extent. Both the companies are in the process of further reducing their debt in due course.