Stocks to Watch: ITC, SBI, Vedanta, ZEE, HCC, RIL, Dr Reddy's
ITC: British American Tobacco has initiated a block deal to offload a 3.5 percent equity stake in ITC to institutional investors, potentially raising as much as ₹16,775 crore. The India division of the British cigarette manufacturer intends to dispose of up to 43.69 crore ITC shares through accelerated book building at a price range of ₹384-400.25 per share, as reported by CNBC Awaaz, quoting sources. The share sale is priced at a 5 percent discount to Tuesday's closing price at the lower end of the price band.
This block trade in ITC will reduce the stake of its largest shareholder from approximately 29% to about 25.5%. BAT is subject to a 180-day lock-in period for any further stake sale in ITC. SBI: On March 12, the State Bank of India complied with the Supreme Court's order from March 11 and submitted data on electoral bonds to the Election Commission of India (ECI).
The Supreme Court has instructed the ECI to make all this data available to the public on its website by March 15, 2024. The ECI has confirmed the receipt of this data from SBI. Zee Entertainment Enterprises: The company has dismissed the suggestions made by the proxy advisory firm IiAS, which had urged investors to oppose the confirmation of two out of three recently appointed independent directors.
IiAS had advised investors to reject the appointments of Venkata Ramana Murthy Pinisetti and Uttam Prakash Agarwal, attributing their stance to purported conflicts of interest and existing criminal charges, respectively. However, a representative from Zee has communicated to Mint that the recommendations made by IiAS were misleading. Vedanta: On Tuesday the Securities and Exchange Board of India directed Vedanta India, formerly known as Cairn India Ltd
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