Punjab National Bank said it signed a memorandum of agreement (MoA) with Mauritius-based Principal Financial Group and Vijaya Bank for restructuring of their existing joint ventures.
Both the lenders will continue to support Principal in the asset management company for next three years. PNB and Vijaya Bank will sell their 30% and 5% stake in the distribution joint venture company to Principal.
Similarly, PNB will buy Principal’s 26% stake and Berger Paints’ 25% stake in the insurance broking company. PNB will buy out Principal and UK Paints stake of 26% and 32%, respectively in Principal PNB Life Insurance Co Ltd.
On Wednesday, PNB shares ended 0.4% up at Rs1,050, while Vijaya Bank shares ended 2.6% up at Rs64 on the Bombay Stock Exchange. The benchmark Sensex closed 0.04% up at 17,755 points.
Shree Renuka Sugars Ltd said it completed a revised agreement to acquire a controlling stake in Brazil-based Equipav SA Acucar e Alcool.
As per the new terms, the Renuka Sugars shall invest Rs45 crore in Eqipav leading to a majority, controlling stake of 50.34%. Equipav AA consists of sugar and ethanol mills with integrated co-generation facilities at Sao Paulo in Southeast Brazil. The mills have a combined cane crushing capacity of 10.5 million tons of cane per annum.
On Wednesday, Shree Renuka Sugars ended 1.1% down at Rs68 on the Bombay Stock Exchange, while the benchmark Sensex closed 0.04% up at 17,755 points.
Vinati Organics Ltd said it started production of isobutylene (IB) at its new plant at Lote in Maharashtra. The plant has an installed capacity of 12,000 metric tonnes.
Vinati Organics is a specialty chemical company producing organic intermediates, monomers and polymers.
On Wednesday, Vinati Organics shares ended 1.4% down at Rs68 on the Bombay Stock Exchange, while the benchmark Sensex closed 0.04% up at 17,755 points.