While names of several foreign banks are doing the rounds, Kotak Mahindra Bank may be among the few Indian entities that have submitted their expressions of interest to acquire 60.72 per cent stake in IDBI Bank. Highly placed sources told businessline that Uday Kotak, MD & CEO and promoter of Kotak Mahindra Bank, is said to have shown interest in taking majority stake in the IDBI Bank.
The Centre has decided to convert the interest dues of Vodafone Idea into equity after receiving a firm commitment from Aditya Birla Group to run the company and bring necessary investment, Telecom Minister Ashwini Vaishnaw said on Friday. Throwing a lifeline to the troubled telco, the government has approved the conversion of over ₹16,133 crore interest dues of Vodafone Idea into equity.
IDFC First Bank has approved allotment of 37.75 crore shares to a subsidiary of IDFC on preferential basis for ₹2,196 crore. Equity shares of face value of ₹10 each fully paid-up will be issued to IDFC Financial Holding Company Limited (on a preferential basis) at a price of ₹58.18 per unit, IDFC First Bank said.
RBI has allowed DSP Investment Managers to hike its stake in DCB Bank to 9.99 per cent as part of investment through different mutual fund schemes. The approval is valid for a year up to February 02, 2024, said DCB Bank in a statement on Saturday. Currently, DSP MF holds 4.23 per cent in the bank. DSPIM was also advised by the RBI to ensure that its shareholding in the bank remains below 10 per cent of the paid-up equity capital of the bank at all times, it added.
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Dredging Corporation of India has inked historic agreement with Inland waterways Authority of India of the Ministry of Ports, Shipping and Waterways for developing and maintaining of a fairway at an estimated cost of ₹204.5 crore for a period of three years.
Tube Investments of India Ltd, Murugappa Group’s engineering company, has proposed to undertake capacity expansion at its factory near Chennai with an investment of ₹141 crore. The company said in a communication to stock exchanges that it will be expanding the capacity to 5,950 tonnes a month from the current 4,125 tonnes a month.
Tata Power aims to operationalise its solar cell and module facility being set up in Tamil Nadu by December-end of this year, the company’s CEO & MD Praveer Sinha said. In July 2022, Tata Power inked a pact with the Tamil Nadu government to invest ₹3,000 crore for setting up a new facility to manufacture solar cells and modules in Tirunelveli district.
Oberoi Realty Ltd has bought 8-acre land in Thane, Maharashtra for ₹192 crore. The company has successfully concluded the transaction with Blue Star Ltd (BSL) for acquiring the lands admeasuring about 32,204 square metre (about 8 acres).
Dhule Municipal Corporation in Maharashtra and Krsnaa Diagnostics Ltd have entered into an agreement for installation, operation and maintenance of radiology and pathology center at on public-private-partnership (PPP) basis. According to the tender, the company will set up a CT scan, X-Ray center and pathology lab. The company has entered into contract with the authority and is expected to commence operations within 6 months after possession of an appropriate site.
No systemic risk to the Indian financial system: Uday KotakTime to further strengthen Indian underwriting and capacity building, tweeted Kotak
Startup Investments, a wholly-owned subsidiary of Info Edge (India) Ltd, has agreed to invest about ₹4 crore in Printo Document Services Private Limited. Printo is a print-on-demand platform for personal and business print and corporate merchandise.
Natco Pharma Limited has announced the completion of a regulatory inspection from the United States Food and Drug Administration (USFDA) for its formulation facility in Ramky SEZ, near Visakhapatnam (Vizag). The inspection was conducted between January 30 and February 3. At the end of the inspection, the facility received two observations, one on written production process control procedure and the other on investigation procedure. The company said that it is confident of addressing all observations within the stipulated time.
Oracle Credit Limited has made further investment in Credent Asset Management Services Private Limited (CAMS) by way of acquisition of 11,69,307 equity shares at a price of ₹48 per share aggregating to an amount of ₹5.61 crore from the existing equity shareholders of the CAMS—Aditya Vikram Kanoria, Mandeep Singh, Ashish Sarin and Santosh Kumar Agarwal— on 03 February, 2023. Oracle Credit Limited already has 49 per cent stake in CAMS. This transaction gives the company the remaining 51 per cent stake in CAMS.
Sylph Technologies has signed a non-binding memorandum of understanding for order worth ₹35.75 crore from Mist Music Private Ltd for production of songs and related digital contents, associated technology support, etc. According to the company, this order will be executed in the next 12 months.
Magellanic Cloud Limited, engaged in IT solutions & human capital, e-surveillance, and drones manufacturing and allied services, has won a order from a major public sector bank. Mcloud , through its wholly owned subsidiary, Provigil Surveillance Limited, has secured an order to supply, install and commission alert based monitoring and control system for e-surveillance of the bank.
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Axens and Praj Industries have signed a memorandum of understanding to work jointly on projects in India for production of sustainable aviation fuel (SAF) from low carbon alcohols through alcohol-to-jet (ATJ) pathway. Praj brings to the table proven expertise in modularised solutions, integration services for complete project and technology for production of low carbon isobutanol and ethanol from conventional bio-sourced feedstock. Axens will provide its Jetanol ATJ, catalyst solution, equipment and services (training, technical assistance) for conversion of alcohols to SAF.
SEPC Limited has announced that a project related to Gaya Municipal Corporation has been commissioned. The water works project is worth ₹250 crore and serves nearly 83,000 households.