Sun Pharmaceutical Industries Limited has announced about the sale of Kayaku Co. Ltd, a wholly owned subsidiary of Sun Pharma Japan Limited, a step-down subsidiary. Sun Pharma Japan sold its entire shareholding in Kayaku Co. Ltd. to Shinshin Pharmaceutical Co., Ltd on September 1 for a total consideration of JPY 353,983,400. (about ₹24 crore).

Chemplast Sanmar has redeemed, the entire outstanding NCDs that were issued in December 2019 by the company. The redemption of these NCDs amounting to ₹1,238.25 crore, which was part of the objects of the primary issue, was made using the net proceeds of fresh issue of equity shares of the company (IPO) made in August 2021. The company further announced that, using the net proceeds of the Offer for Sale, received by the selling shareholders Sanmar Holdings Limited and SESL, the term loan availed by SESL from HDFC Limited has been fully repaid.

Company performance

SPARC: The board of Sun Pharma Advanced Research Company has approved seeking approval from the shareholders of the company to raise ₹1,800 crore by way of issuing equity shares, convertible warrants, preference shares/bonds/debentures/any other instruments (ADRs, GDR, FCCBs through public/private offerings, qualified institutions placement, rights offering or any combination thereof .

Kitex Garments on Wednesday said that its proposal to invest ₹1,000 crore in Telangana towards expansion plan has been approved by Government of Telegana. The government order will be issued within a few days, it said.

Vascon Engineers: A consortium of DCS Solar Energy and Vascon Engineers has received Letter of Award from Government of Goa for Development of International Convention Centre at Dona Paula, Goa on Design, Build, Finance, Operate, Transfer (DBFOT) basis. The project is on Public Private Partnership (”PPP”) basis where DCS is the lead member and Vascon is the construction partner. The value of construction and tenure would be finalised upon completion of the design development phase. The scope of the work involves construction of a 5,000 persons capacity convention centre along with the allied construction to support the convention centre on a parcel of land that is around 28 acres.

Minda Corporation has said that its subsidiary Spark Minda Green Mobility Systems has signed Shares Subscription and Shareholders Agreement with EVQPOINT Solutions and its promoter’s other ancillary agreements to acquire 26 per cent stake. The agreement include Technology License Agreement (TLA) from EVQPOINT, which provides smart electric vehicle charging products and solutions indigenously designed and developed, to meet the growing needs of eMobility market. The company is a one-stop solution for electric vehicle portable chargers, DC fast chargers, and smart charging stations integrated with charge management system, mobile app, and interoperable tools.

Aashka Hospitals and Vaidehi — Backbone Hospital, Rajkot today has agreed to a non-binding Memorandum of Understanding whereby the management and operations of Vaidehi-Backbone will be integrated with Aashka Hospitals in phased manner. As part of integration Dr Ankur Bhupendrakumar Pachani will be inducted as a member to the Board of Directors of Aashka Hospitals Limited. Vaidehi - Backbone hospital begun with the vision of Lt. Bhupendrakumar T Pachani, is a 500-bedded hospital spread over more than 1,00,000 sq. ft. and provides all super speciality care under one roof. The hospital has India’s largest capacity oxygen plants — PSA technology based onsite oxygen generation system (GO 960) - 960 litres per minute generation capacity.