Srikalahasthi Pipes, formerly Lanco Industries, which manufacturers ductile iron pipes used in water transportation and distribution has raised Rs 250 crore through a qualified institutional placement.
The company will issue 69,34,812 equity shares of face value of Rs 10 per equity share at a price of Rs 360.50, which is a premium of Rs 350.50, the company said in a statement.
Srikalahasthi has an integrated manufacturing facility at Srikalahasthi in Chittoor district of Andhra. It has more than 15 years experience in the industry. Recently it increased capacity of DI pipes from 2,25,000 tonne per annum to 3,00,000.
The company reported a net profit of Rs74.05 crore for the half year, up from Rs 68.95 crore.
***************** Federal Bank, Lulu Exchange in blockchain tie-up
Federal Bank has partnered with Lulu Exchange to make cross border remittances easier, quicker and safer through blockchain technology. The tie-up will bring the best of technology to both the companies.
Set up in 2008 in Abu Dhabi, LuLu Exchange is certified global financial services enterprise that serves banking institutions, business houses, local and international corporations as well as individuals. It has over 170 branches spanning the GCC countries as well as India, Bangladesh, the Philippines and the Seychelles.
***************** Swaroop Agrochemical gets patent for gel
The Nashik-based Swaroop Agrochemical Industries has bagged a patent for its new product HumiGel, a first-ever humic acid in gel form.
Combined with seaweed extracts, HumiGel helps in accelerating germination, seeding vigour and growth of roots, Swaroop Agrochemical said in a release.
HumiGel is a certified organic input conforming to National Programme for Organic Production standards.
***************** GuestHouser ties-up with Booking.com for larger customer base
Holiday homes network GuestHouser has announced a partnership with Booking.com, the global leader in connecting travellers with choice of places to stay.
"Our latest partnership with Booking.com is a huge win for travellers and we are thrilled to have them as one of our first global online travel agency partners. The association underlines the increasing demand of holiday homes by travellers in the past few years," GuestHouser co-founder Dhruv Sharma said in a release.
Through the partnership, the company aims to bring its inventory of exotic holiday homes to a larger customer base across the country on Booking.com.
***************** Carpathy eyes 2 lakh orders per annum,Rs 150-cr in GMV by 2020
Carpathy, an online network of multi-brand automotive workshops, has set a Rs 150 crore revenue in terms of gross merchandise value (GMV) target by 2020 and also expansion into Jaipur where it has added five service centers and two mobile units to its existing network of 75 service centers and 12 mobile units.
It currently works with clients such as Ola, Zoomcar, Myles, Revv etc and has operations in Delhi, Gurgaon, Noida, Faridabad, Ghaziabad and Jaipur. It is also aiming for 2 lakh orders per annum with a GMV of Rs 150 crore annually and a partner base of over 1,000 workshops with 6,000 mechanics.
Carpathy is a network of multi-brand automotive service centres and claims to be the only network that has complete app-based workflow for all car owners and service providers.
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