Corporate News | M&M set to buy 47% stake in Reva

Corporate News | M&M set to buy 47% stake in Reva

Mumbai/Bangalore: Mahindra and Mahindra Ltd (M&M) is set to buy into Reva Electric Car Company Pvt. Ltd, according to business television channel ‘NDTV Profit’, which said it would buy a 47% stake owned by investors in Reva.

Pawan Goenka, president of M&M’s automotive and farm equipment sector, will hold a news conference to make an “important strategic announcement" on Wednesday, according to an invitation sent to the press by the company.

While Goenka was unavailable for comment, phone calls, emails and text messages sent to Chetan Kumar Maini, deputy chairman and chief technology officer at Reva, were unanswered.

Shally Seth & Poornima Mohandas


StanChart’s IDRs subscribed 5.5% on Day 1

Mumbai: Standard Chartered Plc (StanChart) attracted bids for 5.5% of the shares offered on the first day of its share sale in India.

A total of 11.2 million bids came in as of 5pm, according to information on the website of the National Stock Exchange.

Standard Chartered is the first company to sell Indian depository receipts (IDRs), offering around 240 million shares at Rs100-115 each. The bank sold 15% of the shares to anchor investors for a price of Rs104 a share, according to a regulatory filing to the National Stock Exchange.



HCL to issue smart cards for PDS

New Delhi: Computer manufacturer and systems integrator HCL Infosystems Ltd will implement India’s first smart card-based solution for the public distribution system (PDS) in Chandigarh.

Under the project, smart card-based ration cards will be given to families in the region living below the poverty line. The cards will have biometric, tax, demographic and personal details.

Surabhi Agarwal