Initial Public Offerings(IPOs)
2021 the year when the stock market made a fast recovery from the fall of 2020, many initial public offerings(IPOs) are being launched this year. After IRFC, Indigo Paints and HFFC(Home First Finance Company India Limited), Stove Kraft Ltd.(located in KARNATAKA) a company in making kitchen appliances has announced its initial public offering(IPO) on January 25th, 2021.
IPO Details
Issue Date. 25 Jan 2021 - 28 Jan 2021
IPO Price. Rs.384-385
Market Lot 38 shares
Face Value. Rs.10 per share
Offer on Shares 8,250,000 shares
Listing at BSE, NSE
Stove Kraft Ltd. is the largest company in India in making kitchen appliances and has the largest manufacturing facility in Bangalore and another manufacturing unit at Himachal Pradesh. It has two flagship brands, Pigeon and Gilma. Stove Kart has also undertaken co-branding activities with companies like Indian Oil Corporation Limited and Hindustan Petroleum Corporation Limited to increase its outreach.
MERGERS AND ACQUISITIONS
LT Foods acquires 30% stake in Netherlands-based Leev
On Wednesday LT Foods’ a company in India which which sells packaged rice under the Daawat, Heritage and Royal brands has acquired a 30% stake in Leev.nu, a packaged foods company in Netherlands. This merger also allows Nature Bio Foods(a subsidiary of LT Foods Ltd.) to buy 21% stake in Leev.nu at the end of five years.
Vijay Kumar Arora, chairman and managing director, LT Foods Ltd. said that Strategically, this acquisition gives NBF BV a reach to the consumers directly via the mainstream distribution strength of Leev. Currently NBF manages the farm to the doors of EU industries and brands, and now would be contributing to the full chain from farm to fork.
Cognizant to buy Magenic technologies
Cognizant a US based IT company has for the 12th time since January 2020 announced to buy Magenic Technologies, a custom software development services company headquartered in Minneapolis.
This acquisition is expected to expand Cognizant’s software product engineering, add 475 employees in the US across seven locations and more than 350 employees in Manila, Philippines.Post completion of the acquisition, Magenic associates will become part of Cognizant, connecting Magenic’s expertise with Cognizant’s global software development capabilities.
Malcolm Frank, president, digital business and technology, Cognizant said, “Magenic has exceptional software development and cloud modernisation teams that will enhance our global engineering talent network and expertise. We continue to invest in digital engineering, a key priority as clients move from traditional application development to custom software to provide compelling customer experiences and differentiated productivity solutions.”
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