One97 Communications, which operates the Paytm brand, has sought shareholders’ approval for a transaction totalling ₹3,250 crore with Paytm Payments Bank Limited. The transaction includes availing services of up to ₹1,550 crore from the Paytm Payments Bank and rendering services of up to ₹1,700 crore to the bank. Paytm’s Postal Ballot notice seeks approval of shareholders for “Approval of Material Related Party Transactions with Paytm Payments Bank Limited”. The two-day voting period begins today.

State Bank of India has successfully raised ₹4,544 crore Non-Convertible, Taxable, Perpetual, Subordinated, Unsecured, Fully Paid Up Basel III compliant AT 1 Bonds at a coupon of 8.20 per cent p.a.

Also read: SBI pegs India’s Q3 GDP growth at 4.6 per cent

Reliance New Energy Limited (RNEL) (formerly known as Reliance New Energy Solar Limited), a wholly-owned subsidiary of Reliance Industries Limited, has completed the purchase of 7,433 common shares; 1,518 series B1 preferred shares; and 660 series B2 preferred shares of Nexwafe GmbH, for an aggregate consideration of EUR 7,55,684. No governmental or regulatory approvals were required for the said purchase of shares.

Sapphire Foods India Ltd has announced to increase its stake in GIFPL to 75 per cent from the current 51 per cent. Gamma Island Food Private Ltd (GIFPL), its step-down subsidiary, operates Pizza Hut and KFC restaurants in the Maldives under franchisee agreements. Sapphire will acquire the shares for ₹10.15 crore.

HCL America Inc., a wholly owned step-down subsidiary of HCL Technologies incorporated under the laws of California, US, had announced its proposal for a Cash Tender Offer for up to $125 million of its $500 million 1.375% Senior Notes (“Notes”) that were issued with a maturity date of March 2026.

Also read: Sensex, Nifty to open weak, as global stocks tumble

AXISCADES Technologies Limited has entered into a strategic partnership with Mangal Industries Limited, a part of the Amara Raja Group. The MOU covers engineering, digital, and manufacturing collaboration and was signed on 20th February 2023.

Drug firm, Lupin, on Tuesday, said it has launched a generic anti-psychotic medication in the US market. The company’s product, in strengths of 20 mg, 40 mg, 60 mg, 80 mg and 120 mg, is the generic equivalent of Sunovion Pharmaceuticals Inc’s Latuda tablets. As per IQVIA MAT data, Lurasidone Hydrochloride Tablets had estimated annual sales of $4.2 billion in the US.

Bharat Electronics has signed an MoU with Aeronautical Development Agency (ADA), DRDO, for an advanced medium combat aircraft (AMCA) programme. The AMCA is a 5th generation, multi-role, all-weather fighter aircraft designed with high survivability and stealth capability.

Also read: BEL signs MoUs with Cisco, Aeronautical Development Agency

ICICI Prudential Mutual Fund has acquired an additional 2.03 per cent stake in LIC Housing Finance from open market purchases. Following this, the mutual fund house shareholding in the housing finance company has increased to 7.07 per cent from 5.04 per cent.

One of the existing shareholders of Bhakti World Radio Broadcasting Private Limited proposes to transfer 12.6 per cent shares of Bhakti World to Toyam Sports Limited, subject to the terms and conditions recorded in a Share Purchase Agreement dated February 20, 2023, executed amongst the parties. Simultaneously, with the execution of the SPA, the relevant parties have also entered into a Shareholders Agreement to record their understanding of the governance, operation, and management of Bhakti World and their inter se rights and obligations as shareholders of Bhakti World.

The boards of directors of EI Design (a step-down subsidiary of MPS), and MPSI, its direct subsidiary, have approved a draft scheme of merger of EI Design with MPSI. After the merger, MPSI will be the surviving entity.

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