AMG Media Networks, a wholly-owned subsidiary of Adani Enterprises Ltd, has acquired 29.18 per cent equity stake of VCPL in NDTV, in accordance with the terms contemplated under the purchase agreement executed between AMNL, Nextwave Televentures Private Limited, Eminent Networks Private Limited and VCPL. The acquisition cost would be at an Enterprise Value of about ₹113.75 crore. Besides AMNL has made a voluntary open offer to shareholders of NDTV at ₹294 a share, to acquire 26 per cent stake.
The board of Chennai Petroleum Corporation Ltd has approved the proposal for formation of a joint venture company between Chennai Petroleum Corporation Ltd, Indian Oil Corporation Ltd and Other Seed Equity Investors viz., Axis Bank Ltd, HDFC Life Insurance Company Ltd, ICICI Bank Ltd, ICICI Prudential Life Insurance Company Ltd and SBI Life Insurance Company Ltd for Implementing a 9 MMTPA refinery project in the Cauvery Basin Refinery in Nagapattinam district at an estimated cost of ₹31,580 crore. The CPCL board has also accorded approval for equity investment of up to ₹2,570 crore towards CPCL's contribution of 25 per cent.
Glenmark Pharmaceuticals has received a communication from the US FDA indicating the inspection classification as Official Action Indicated. The OAI classification implies that the US FDA may withhold approval of any pending product applications or supplements filed from this facility till the outstanding observations are resolved. The company had done a voluntary recall of all its products from this site in August 2021 and since then has not been commercialising any product from the site.
Monarch Networth Capital: Monarch Alternative investment Fund has successfully raised INR 252 crore in its second close-ended cat-3 equity AIF fund. The money was raised from a set of UHNIs, corporates and family offices.
Nava Ltd (Formerly Nava Bharat Ventures Ltd) has a subsisting Conversion Agreement with TSML, a Tata company, for production of High Carbon Ferro Chrome (HCFC) in its Odisha works. This agreement is for the period up to March, 2025. However, the company has encountered technical issues in the production of HCFC for TSML, impacting the plant's productivity parameters. It has, therefore, been decided to discontinue the conversion of HCFC for TSML till the end of October.
Arvind SmartSpaces, part of the Lalbhai Group, has announced signing of an agreement with HDFC Capital Affordable Real Estate Fund - 3 for the creation of a residential development platform with a revenue potential of up to Rs 5,000 crore. ASL has incorporated a wholly-owned subsidiary - Arvind SmartHomes Private Ltd - to house the projects to be acquired under this platform, wherein Arvind SmartSpaces Ltd (as promoter) and HDFC Capital Advisors as Investment Manager of HCARE - 3, will make investments of Rs 300 crore and Rs 600 crore, respectively, from time to time for acquisition and construction of real estate projects in India.
RMC Switchgears Ltd (RMC) has announced the receipt of an order of Rs 10.46 crore from an Andhra Pradesh utility. The supplies will be made within the next two quarters.