The ₹74,220-crore Murugappa group, one of India’s leading business conglomerates, on Sunday, said it had settled the disputes between Valli Arunachalam, the eldest daughter of MV Murugappan, former Murugappa Group Executive Chairman, and the rest of the family members. The family settled the disputes and differences, which arose after the demise of MV Murugappan, between the family branch of the late MV Murugappan (including Valli Arunachalam and Vellachi Murugappan) on one side, and the rest of the family members, on the other side, said a statement. Shares of Murugappa group Carborundum Universal, Cholamandalam Investment and Finance Company, Cholamandalam Financial Holdings, Coromandel Engineering Company, Coromandel International, EID Parry, Kartik Investments Trust, Tube Investments, CG Power and Industrial Solutions, Shanthi Gears and Wendt Ltd.
Shares of Jio Financial, a demerged entity from Reliance Industries, will be listed today at the bourses. The share price was set at ₹261.85 in a price discovery session on July 20, valuing the company at ₹1.66-lakh crore. Further, the stock will continue to remain a part of the FTSE indices, with FTSE Russell withdrawing its proposed deletion on Friday after the announcement of the listing date. Analysts expect the NBFC’s shares to list at a premium, surpassing even the ₹300 mark, given its high net worth and the relatively lower value it commands compared with peers.
PNB Housing Finance Limited through its focused and multi-pronged resolution strategy has successfully resolved and fully recovered its large corporate Non-Performing account of Rs 784 crore (about 1.3% of Loan Asset as on 30th June 2023). The account has been resolved on 19th August 2023 through an ARC sale under Swiss Challenge method as per the Reserve Bank of India (Transfer of Loan Exposures) Directions, 2021.
Bank of Baroda has issued an e-auction sale notice under SARFAESI Act (the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act), 2002 for sale of immovable and movable assets of Sunny Deol (Ajay Sing Deol) to recover total dues aggregating ₹55.99 crore plus interest and cost from December 26, 2022, less recovery up to date.
Amid a raging political row, Tamil Nadu State’s power generating and distributing utility TANGEDCO has threatened to terminate the contract awarded in a coal-fired power project to Chennai-based BGR Energy Systems Ltd (BGRESL) citing inordinate delay in the commencement of the work for the project and breach of contractual obligations.
Syschem India Ltd has received sales order of an amount of Rs. 1.85 crore from its Customers towards Supply of Products manufactured by the company. The order is for 3,000 KGS Cefadroxil IP Company make in 25 Packings per month till the complete delivery of ordered quantity.
Titan Company Limited has signed a Share Purchase Agreement with the Founder of CaratLane Trading Private Limited ) and his family members to acquire all the shares held by them representing 27.18 per cent of the total paid-up equity share capital (on a fully diluted basis) of CaratLane for a total consideration of Rs 4,621 crore.
The board of directors of VA Tech Wabag Limited has approved the allotment of 1,00,000 non-convertible debentures, worth Rs 100 crore to Asian Development Bank (ADB) at par, in dematerialized form on a private placement basis. The said fund raising by way of NCDs are as part of the Company’s continuous strategic efforts towards debt optimisation.
KEC International Ltd., a global infrastructure EPC major, an RPG Group Company, has secured new orders of Rs. 1,007 crore across its various businesses:
Tanla Platforms informed the exchanges that it had entered into a term sheet with Vodafone Idea for provision of Platform and Firewall services for International A2P services in November 2021, which was valid for a term of 2 years. This partnership will not continue beyond the initial term. This would have a revenue impact of about Rs.17 Crore and PAT impact of about Rs.9 Crore on a full-quarter basis post November 2023.
GMR Airports Infrastructure has informed the exchanges that passenger traffic in July increased by 30 per cent YoY to 98.6 lakh, thanks to 79 per cent growth in the Philippines sector. However, the growth was flat compared to previous month, while aircraft movements rose by 17 percent on-year and 3 per cent on month-on-month basis, to 64,809. The company said that it had divested Philippines business but will operate as the Technical Services Provider until Dec 2026.
CreditAccess Grameen’s executive borrowing & investment committee has approved a fund raising plan of up to Rs 1,000 crore via public issue of non-convertible debentures of face value of Rs 1,000 each. The NCD issue will have a base issue of Rs 400 crore and a green shoe option of up to Rs 600 crore.
NMDC has informed the exchanges that the Government of India has extended the tenure of appointment of Amitava Mukherjee as Director (Finance) on the NMDC board from November 20, 2023, till February 29, 2028. Mukherjee was appointed as Director (Finance) on the board for five years with effect from November 11, 2018 or till the date of his superannuation or until further orders, whichever is earliest.