A Bloomberg report quoting its sources said that Ant Group Co plans to sell some of its shares in One97 Communications, which operates financial technology firm Paytm, to keep its holding within a required threshold.

“While Ant plans to pull back, Indian telecommunications tycoon Sunil Mittal is seeking a stake in Paytm by merging his financial services unit into the fintech giant’s payments bank, according to people with knowledge of the matter,” it added.

Drug firm Wockhardt plans to roll out two vaccines within a year from its UK-based facility as part of a tie-up with Serum Institute of India, a top company official said. Last year, a Wockhardt unit tied up with a subsidiary of the Serum Institute of India to set up a vaccine manufacturing facility in Wrexham, North Wales (UK).

The board of directors of SpiceJet will meet again today (February 27) to consider the issuance of equity shares on a preferential basis consequent upon the conversion of outstanding liabilities into equity shares, and raising fresh capital through the issue of eligible securities to qualified institutional buyers.

Kalpataru Power Transmission on Friday said that it has sold an additional 25 per cent stake in Kohima-Mariani Transmission Ltd (KMTL) to Apraava Energy. The company has completed the sale and transfer of an additional 25 per cent stake in KMTL held by the company to Apraava.

Tube Investment India’s wholly-owned subsidiary TI Clean Mobility (TICM) will raise ₹3,000 crore by March 2024 to fuel its electric vehicle business. Of this, Tube Investment has already invested ₹639 crore, the company said.

Power Grid Corporation board on Friday approved an investment of over ₹803 crore for various electricity transmission projects in the country. The project includes a scheme to relieve the high loading of the WR-NR Inter-Regional Corridor (400 kV Bhinmal-Zerda line) at an estimated cost of ₹200.58 crore scheduled to be commissioned by May 2024.

Vodafone Idea’s shareholders have approved the preferential issuance of up to ₹1,600 crore of optionally convertible debentures to vendor American Tower Corp (ATC), according to a regulatory filing. The special resolution to this effect was cleared at an extra-ordinary general meeting (EGM) of Vodafone Idea on Saturday.

Tega Industries has announced that the National Company Law Tribunal (NCLT) has approved its resolution plan for the acquisition of McNally Sayaji Engineering Limited (MSEL). This acquisition by Tega represents a decisive initiative toward long-term portfolio (products and services) expansion. The acquisition is expected to be completed over the next two months. The financing for the acquisition will be through an optimal mix of internal resources and debt.

Financial services platform Kfin Technologies has said it plans to invest up to ₹22.60 crore to acquire a majority stake in Fintech Products and Solutions which runs India’s first account aggregator Onemoney.

Kfin has already bought a 25 per cent stake in Fintech Products for ₹6.50 crore and may take an additional 50 per cent stake for the remaining amount over the next 2-3 months, according to a regulatory filing. In a statement, Kfin said the deal will help it expand into the technology service provider and account aggregator space.

Bharat Electronics Ltd (BEL), a navratna defence public sector unit, has opened a new software development centre (SDC) in the port city of Visakhapatnam in Andhra Pradesh.

The board of Advani Hotels & Resorts (India) Limited has approved the proposal for the construction of a banquet hall facility of approximately 22,000 sq ft of which the banquet hall itself will be approximately 7,500 sq ft plus an adjoining swimming pool, porte cochère and function lawn, etc. based on the feasibility report from Crowe Horwath HTL Consultants Pvt Ltd with a projected outlay of approximately ₹20 crore, subject to obtaining the necessary approvals.

There was an accident at the Bhavnagar site of Sumitomo Chemical India Limited on Friday. The location was Multi Product Plant producing two products, which was not operational then.

However, in one of the vessels in the plant, solvent distillation was being undertaken. The accident was caused by over pressurisation of the vessel and it was followed by fire and smoke. The company management is taking all possible response measures and government authorities have been suitably informed and visited the location.

The CoC of the Corporate Debtor (Mittal Corp Ltd) has approved the resolution plan and accordingly resolution professional has issued the letter of intent (LOI) to Shyam Metalics And Energy Limited, a material subsidiary of Shyam Sel and Power Limited, and declared it as successful resolution applicant. However, this is subject to the confirmation of the adjudicating authority.

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