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Devyani International through its subsidiary in Dubai, Devyani International DMCC, has entered into a share purchase agreement and shareholders agreement and other transaction documents to acquire controlling interest in Restaurants Development Co Ltd, operating a chain of 274 KFC restaurants (as of September) across Thailand. Devyani International DMCC has entered into an Investment Agreement with the company and Camas Investments Pte. Ltd, an affiliate of Temasek Holdings (Private) Limited. Pursuant to the investment agreement, the company and Camas have agreed for a total investment commitment of up to AED 151.5 million (about ₹340 crore) and AED 145.5 million (about ₹330 crore) respectively. Post investment, the Devyani International and Camas will be holding equity in the ratio of 51:49 respectively in Devyani International DMCC. These funds shall be utilised to part finance the Thailand acquisition, which is likely to be completed by March 2024.
Sun Pharmaceutical Industries said it will acquire a 16.7 per cent stake in US-based Lyndra Therapeutics, Inc for ₹30 million (about ₹250 crore). Lyndra Therapeutics Inc, based in Massachusetts, is engaged in the business of developing novel delivery technology for long-acting oral therapies, Sun Pharmaceutical Industries said.
Market buzz is that an affiliate of Warburg Pincus is seeking about $100 million in Apollo Tyres. The stake sale, roughly 3 per cent of Apollo Tyres, and the floor price is set at ₹440 apiece.
IDFC First Bank: The company has received the RBI nod for the merger of IDFC and IDFC Financial
The government on Monday cut the windfall profit tax on crude oil produced in the country and on exports of diesel. The tax, levied in the form of Special Additional Excise Duty or SAED, on domestically produced crude oil has been reduced to ₹1,300 from ₹5,000 per tonne, according to an official notification. This will keep oil marketing companies in focus.
Adani Green Energy has incorporated four step down subsidiaries - Adani Renewable Energy Sixty, Adani Renewable Energy Sixty Two, Adani Renewable Energy Sixty Three and Adani Renewable Energy Sixty Four. These entities have an authorised and paid share capital of ₹1 lakh each.
Vakrangee Limited has entered into a Share Purchase agreement for acquisition of 8.8 per cent equity share capital of Vortex Engineering Private Limited from the International Finance Corporation. Earlier, the company had signed binding term sheet with IFC in relation to acquisition of 8.8 per cent stake in Vortex Engineering Private Limited.
Royal Orchid & Regenta Hotels has opened a new property – the Regenta Inn Bhavani – in Nellore, Andhra Pradesh.
Committee of Executive Directors of Info Edge (India) has agreed to invest an amount of ₹40 lakh in Jeevansathi Internet Services Pvt Ltd, wholly owned subsidiary of the company. The transaction is done at Arm’s Length basis
The board of Shankara Building Products has approved demerger of trading business from self. Shareholders will get one share of demerged entity for every share held in the company. Trading business comprises of retail and distribution of building products.
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