The board of YES Bank approved the declaration of JC Flowers ARC as the winner of the Swiss Challenge process for proposed sale of an identified stressed loan portfolio of the Bank aggregating up to ₹48,000 crore.
Brightcom Group Ltd announced setting up of a Quantum Computing Innovation Lab in collaboration with Qulabz Inc. Brightcom expects this initiative to power its growth in the coming periods by significantly enhancing its technological edge. As per 'Boston Consulting Group', Quantum Computing could create a value of $850 billion, across industries: Optimization - $220 billion, Machine Learning-$220 billion, Simulation - $330 billion, and Crypotography - $80 billion.
Mahindra and Mahindra Ltdproposed to acquire 21,14,349 Equity shares constituting 17.41 per cent of the paid-up equity share capital of Swaraj Engines Limited from Kirloskar Industries Limited for ₹296 crore. Upon the said acquisition, the shareholding and consequent voting rights of the company in SEL would increase from 34.72 per cent to 52.13 per cent of the Equity Share Capital of SEL. Consequently, SEL which is currently an associate of the company would become its subsidiaryy.
Premier Explosives Ltd received orders from Israel Aerospace Industries Limited (IAI), Israel for the manufacture and supply of warheads for $537,500 (about ₹4.27 crore) - expected to be delivered by May 2023; and production and supply of Booster Rocket Motors for $688,000 (about ₹ 5.47 crore)- to be delivered by March 31.
CRISIL Ratings upgraded its ratings on the long-term bank facilities and debt instruments of PVR Ltd (PVR) to 'Crisil AA-/CRISIL PPMLD AA-r' while the rating continues to be on 'Rating Watch with Positive Implications'. Furthermore, the rating on the ₹100 crore non-convertible debentures (NCDs) was withdrawn as the instruments were fully repaid.
ACC, Ambuja Cement:Adani group, the new promoter of ACC and Ambuja Cement, pledged shares of the two companies valued at $13 billion based on Monday’s closing price. In a notice to stock exchanges on Tuesday, Adani group pledged about 57 per cent of ACC and 63 per cent of Ambuja Cement with Deutsche Bank AG’s Hong Kong branch “for the benefit of certain lenders and other finance parties”.