Fair trade regulator Competition Commission of India on Wednesday said it has cleared the proposed stake acquisition in Reliance Capital by IndusInd International Holdings Ltd, IIHL BFSI (India) Ltd, and Aasia Enterprises. Reliance Capital Ltd (RCL) is an RBI-registered non-banking, non-deposit-taking systemically important company (NBFC-CIC-ND-SI). It is engaged in the financial service sector.

The Reserve Bank of India has given its nod for the reverse merger of IDFC Ltd with its banking subsidiary IDFC First Bank. IDFC and IDFC Financial Holding Company (IDFC FHCL) have received letters from RBI conveying its ‘No Objection’ to the composite scheme of amalgamation. As part of the composite scheme of amalgamation, IDFC FHCL would first merge with IDFC and then IDFC into IDFC First Bank Ltd.

Life Insurance Corporation of India on Wednesday said it has appointed S Sunder Krishnan as Chief Risk Officer. He replaces Pratap Chandra Paikray, who has ceased to be CRO, LIC said in a regulatory filing.

Anil Agarwal-promoted Vedanta on Wednesday said Meenakshi Energy Ltd has become its wholly-owned subsidiary. The National Company Law Tribunal had earlier approved Vedanta’s acquisition of Meenakshi Energy for ₹1,440 crore. Meenakshi has allotted 10 lakh fully paid-up equity shares of ₹10 each amounting to equity capital of ₹1 crore.

Zomato said that it has received a ₹402 crore show-cause notice from the Goods and Services Tax (GST) authorities over unpaid tax on delivery charges collected from customers. The food delivery major, however, said “the company strongly believes that it is not liable to pay any tax since the delivery charge is collected by the company on behalf of the delivery partners. Further, in view of the contractual terms and conditions mutually agreed upon, the delivery partners have provided the delivery services to the customers and not the company. This is also supported by opinions from our external legal and tax advisors.” 

Adani Total Gas Ltd on Wednesday signed an initial agreement with Flipkart to help decarbonise its supply chain. “Under the MoU, ATGL will work with Flipkart to support its vision to reduce carbon footprint in the primary, secondary and tertiary movements of goods between sourcing locations, warehouses, and customers. ATGL will provide decarbonizing solutions, aiding Flipkart’s journey to switch to cleaner fuel options, including natural gas, and the introduction of electric vehicles,” it said.

The Competition Commission of India has approved speciality chemicals major PCBL’s (formerly Phillips Carbon Black Ltd) proposed acquisition of a 100 per cent stake in Aquapharm Chemicals. Last month, PCBL announced that it plans to acquire the entire stake in Aquapharm Chemicals Pvt Ltd (ACPL) for ₹3,800 crore.

Kotak Mahindra Bank on Wednesday said the Reserve Bank has approved the appointment of C S Rajan as chairman for two years. His appointment comes into effect from January 1, 2024, Kotak Mahindra Bank said in a regulatory filing. Rajan’s appointment as the next part-time chairman of the board follows the retirement of incumbent Prakash Apte, whose term expires on December 31, 2023.

Canara Bank has in principle approved to initiate the process of listing its mutual fund subsidiary Canara Robeco Asset Management Company Ltd, in the Stock Exchanges by way of IPO, subject to following the due diligence, laid down procedures, opportune time, regulatory approvals etc.

CESC Ltd board has approved the issuance of 30,000 non-convertible debentures on a private placement basis to raise ₹300 crore. Under the first issuance, 20,000 NCDs having a face value of Rs 1,00,000 each, for cash, at par aggregating to ₹200 crore, will be issued on a private placement basis.

Apollo Home Healthcare Limited, an unlisted subsidiary of Apollo Hospitals Enterprise Ltd, has announced that it had allotted 70,73,518 shares of face value of ₹10 each at ₹22 a share to the following shareholders: 13,94,189 shares to Apollo Hospitals Enterprise Ltd; and 56,79,329 shares to Dr. Prathap C Reddy, Promoter

Confidence Enterprises Private Limited (100% subsidiary of Confidence Futuristic Energetech Limited, which is subsidiary of Confidence Petroleum) received Letter of acceptance from Bharat Petroleum Corporation limited to supply 450 numbers of CNG Type-I CNG Mobile/Stationary Cascades for BPCL CGD Projects worth of approximately ₹67 crore.

EC Wheels India Private Limited, a subsidiary of Steelman Telecom Limited and its individual founders have entered into a share subscription agreement with certain investors for an investment of approximately ₹5.5 crore into EC Wheels by issuance of up to 5,20,084 compulsorily convertible preference shares at ₹106 each. The investment is subject to customary closing conditions and approvals, which are expected to be completed in due course.

The board of South Indian Bank Ltd has approved a proposal for fund raising for an amount not exceeding ₹1,750 crore by way of issue of equity shares on a right basis to its eligible shareholders as on the record date (to be fixed in due course).

Ucal Ltd has decided to close completely the operational activities at its Plant 7 situated at B22, Industrial Estate, Maraimalai Nagar, Chengleput. The Plant catered to only manufacture and maintenance of dies for pressure die casting (PDC) for meeting the internal requirements and does not manufacture any finished goods for sale to any customers. Therefore, the contribution of turnover from the Plant in terms of amount and percentage during the last financial year 2022-23 to the turnover ofthe Company is nil.

The board of Affle (India) Ltd has approved to enter into a non-binding Memorandum of Understanding to invest approximately ₹37.30 crore as cash consideration by the company to acquire minority ownership in Explurger Private Limited, a company incorporated in India. The Investment Committee has further delegated the authority to the Executive Director and CFO of the company to enter into definitive agreements and to complete the Transaction.

PTC Industries and Nasmyth (UK) have have signed a Memorandum of Understanding for collaboration to leverage their capabilities for offering solutions to defence and aerospace customers in India and globally. The cooperation will help PTC expand its capabilities to better support Indian customer requirements and successfully execute those projects. The partnership will focus on developing casting, machining, assembly, and thermal precision engineering capabilities in India.

Exide Industries has invested about ₹40 crore by way of subscription in the equity share capital of its wholly owned subsidiary, Exide Energy Solutions Ltd on rights basis. With this investment, the total investment made by the company in EESL stands to ₹1,820.01 crore. There is no change in the shareholding percentage of the Company in EESL pursuant to such an acquisition.

GE Power India Limited has received LOI from NTPC limited for procurement of spares for carrying out class-B Inspection of Unit 1 GE make 660 MW Generator at NTPC Solapur worth ₹10.47 crore plus (GST 18 per cent). Bokaro Power Supply Company has given an order for Supply of Spares for TG #8 at BPSCL worth ₹9.91 crore plus (GST 18%).

Petronet LNG Ltd has executed binding Transaction Documents - Sub-Concession Agreement; Sub-Lease deed; and Port Service Agreement with Gopalpur Ports Limited for setting up of Floating Storage Regasification Unit (FSRU) based LNG terminal with capacity of about 4 MMTPA (Phase-1), with provision for converting to 5 MMTPA land-based terminal at Gopalpur Port, Odisha.

La Tim Metal & Industries Ltd has fixed January 2, 2024, as record date for the proposed rights issue. The company plans to issue 4,41,57,150 partly paid equity shares of FV ₹1 each, at a price of ₹8.50 for an amount up ₹37.53 crore. The entitlement ratio is one share for every 2 shares.