Business and Economy Current Affairs - March, 2021

Read Current Affairs on Quickbytes and stay updated with latest Current Affairs events on daily basis. Our daily Current affairs on Business and Economy in March 2021 are for all those aspirants preparing for various competitive exams and entrance tests like Bank PO & Clerk, IBPS PO, Insurance SSC, PSC, UPSC and more.

Business and Economy Current Affairs - March, 2021

Business and Economy - March 2021

4th March, 2021

Reliance enters into a JV with Jera to establish 745 MW Project in Bangladesh

Reliance Power has entered into a Joint Venture (JV) with Jera Co. Inc of Japan for establishing 745 MW Project in Meghnaghat, Bangladesh. Samsung C & T Corporation is the Engineering, Procurement and Construction (EPC) contractor of the project. One of the module equipment of Reliance Power’s subsidiary ‘Samalkot Power’ will be sold to Samsung C & T Corporation for Rs. 1540 crores. The gas powered plant will be relocated due to the unavailability of natural gas.

Central Government to sell 16 % shares of IRCON via OFS

Government of India is planning to sell 16 % shares of IRCON International Limited through Offer For Sale (OFS) for raising Rs. 662 crores. The OFS will be open for 3rd and 4th March, 2021. Government of India has fixed the floor price at Rs. 88/share. The floor price is 10 % less than the closing price of IRCON on 2nd March, 2021. The non-retail investors will put their bids on 3rd March whereas retail investors can subscribe to the OFS on 4th March, 2021. Government of India currently owns 89.18 % stakes of IRCON.

3rd March, 2021

SEBI cancels the sub-broker registration of Sahara India Financial Corporation Ltd

Securities and Exchange Board of India (SEBI) has cancelled the registration certificate of Sahara India Financial Corporation Limited as a sub-broker as it failed to fulfill the ‘fit and proper’ criteria in accordance with the Intermediaries Regulations. A designated authority was appointed by SEBI in 2018 to look into the provisions violated by Sahara India Financial Corporation Ltd. Subarata Roy is the main stakeholder of Sahara India Fin-Corp Ltd.

1st March, 2021

SEBI makes the Listing Rules easier for the IPOs of large companies

Securities and Exchange Board of India (SEBI) has made the Listing norms easier for the Initial Public Offerings (IPOs) of large companies. These fresh norms have enabled the large companies to divest a minimum of 5 % in the IPO which was earlier fixed at 10 %. SEBI has also increased the term for raising the public float from 3 years to 5 years. The Listing Rules have been made easier to attract the large companies towards listing.