ITC: The company’s biggest shareholder British American Tobacco initiated a block deal to offload a 3.5 per cent equity stake to institutional investors which could raise as much as Rs16,775 crore. Through this, the British cigarette manufacturer will dispose up to 43.69 crore ITC shares through book building at a price range of ₹384-400.25 per share, it was reported. Following the block deal, British American Tobacco’s stake will reduce to almost 29% from 25.5%.
State Bank of India: SBI complied with the Supreme Court’s electoral bonds and submitted data to the Election Commission of India (ECI). The apex court has instructed the election body to make all the data publicly available on its website by March 15.
Reliance Industries: Tankers carrying fuel from refineries of Reliance Industries are opting to navigate via the Cape of Good Hope with the aim to avoid Red Sea amid an increased risk of attacks by Yemen’s Houthi group as Israel-Hamas war continues. Reliance has also been proving flexible chartering contracts which allow tanker owners to choose between the Red Sea and the Cape of Good Hope.
Dr Reddy’s Laboratories: The pharmaceutical giant said that it has been slapped with a tax demand and penalty exceeding ₹74.22 crore for incorrect utilization of input tax credit in a regulatory filing. The order was issued saying that the company improperly used input tax credit or failed to reverse input tax credit.
