Guidewire has announced that that Infosys, a global leader in next-generation digital services and consulting, has joined Guidewire PartnerConnect as a Consulting alliance member at the Select level for the Americas. Infosys intends to continue the expansion of its Guidewire Center of Excellence, which includes insurance domain experts and Guidewire-certified professionals, through investment in training and certification.
Rakesh Gangwal, co-founder of IndiGo, has quit its board and will pare his stake in the airline over the next five years. The decision comes months after shareholders voted to remove a provision that barred transfer of shares by promoters. Gangwal has resigned as a non-executive, non-independent director of InterGlobe Aviation — the holding company of IndiGo Airlines — with “immediate effect”, a stock exchange notification by the airlines said.
Promoter shareholding in IndiGo stands at 74.78 per cent. Gangwal’s stake is listed under the “foreign” category and is at around 14.65 per cent in his individual capacity, while his wife Shobha holds 8.39 per cent.
HDFC Bank has said Srikanth Nadhamuni has resigned as the non-executive director from its board, citing potential future interests from Friday. The bank said Nadhamuni has cited potential future transactions/arrangements which may materialise between the bank and a company in which he may be interested.
Future Retail Ltd
Future Retail Ltd has paid $14 million (around ₹104.55 crore) as interest due on the dollar-denominated notes (USD Notes) listed on the Singapore Stock Exchange. The USD notes had a grace period of 30 days for making the payment of interest, stated a regulatory filing from Future Retail, which operates chains such as Big Bazaar and Easyday and Heritage among others. The USD notes had a grace period of 30 days for making the payment of interest, stated a regulatory filing from Future Retail, which operates chains such as Big Bazaar and Easyday and Heritage among others. The debt-ridden firm had missed the due date for its payment last month. The USD notes had a grace period of 30 days to make the interest payment.
Kalpataru Power Transmission Ltd & JMC Projects (India) Ltd
The respective boards of Kalpataru Power Transmission Ltd and JMC Projects (India) Ltd have approved the scheme of amalgamation which provides for the merger of JMC with KPTL. This merger brings together two leading organisations with unique sets of capabilities and complementary businesses in the current attractive EPC markets. The merger will accelerate growth and enhance value creation for all stakeholders. Pursuant to the Scheme, JMC's shareholders will be allotted one share of KPTL against every four shares held by them in JMC.
Hinduja Global Solutions
Hinduja Global Solutions has announced that its subsidiary HGS UK Limited has been selected by the UK Health Security Agency (UKHSA) to provide critical customer support to UK citizens for an initial period of two years, with an option to extend further. The partnership is already underway having launched earlier last week, and the contract could be worth up to £211 million (₹2,100 crore) across the term of the contract, employing over 2,000 work-at-home positions across the UK.
The board of Chemcrux Enterprises has considered and approved Migration of equity shares of the Company from SME Platform of BSE Limited to Main Board subject to approval of the BSE Limited and shareholders of the Company.
Vishwaraj Sugar Industries
The board of Vishwaraj Sugar Industries has considered and approved raising of ₹150 crore by way crore and issue of equity shares to the existing members of the company on rights basis at such price and right entitlement ratio as may be decided by the board.
Phoenix Mills & Crest Ventures
Phoenix Mills has announced the execution of non-binding term sheet to acquire balance 50 per cent equity stake in Classic Mall Development Company Ltd (CMDCL) from Crest Ventures Limited and Escort Developers Private Limited (a 100 per cent subsidiary of Crest Ventures). PML currently owns 50 per cent in CMDCL and the balance 50 per cent is owned by Crest Ventures (46.35 per cent) and Escorts Developers (3.65 per cent).
Completion of the stake purchase will make CMDCL a subsidiary of PML. PML will pay ₹918 crore to acquire the 50 per cent stake held by Crest Ventures and Escorts Developers. The company will fund the acquisition by way of internal accruals and cash on balance sheet and complete this transaction either on its own and/or through one of its affiliates.
Escorts Ltd has informed the exchanges that it raised ₹1,872.75 crore from Kubota Corp by allotting 9.36 million equity shares through preferential allotment and a mandatory tender offer in compliance with the Securities and Exchange Board of India's norms.
Ador Multiproducts' 1908 eventures Pvt Ltd, which runs the curated clean beauty platform, Sublime Life, has raised nearly $2 million (close to ₹15 crore) through funding from Roots Ventures, the family offices of Apar Industries and Umesh Sanghvi India as well as from HNls and senior professionals from Reckitt, Google, IBM and founders of a digital marketing firm. Promoter group, Ador, and founders participated in this round as well with guidance from the transaction advisors, Nyuleaf Advisors, and ALMT Legal Bangalore.
Hikal Ltd had filed a writ petition in the Bombay High Court against the closure order of MPCB as informed on February 15 and on February 18, the Court was pleased to order that no precipitative action should be taken by the authorities in the matter, till February 22.
Godawari Power and Ispat Ltd
The board of Godawari Power and Ispat Ltd has approved a proposal for divestment of its entire shareholding in Godawari Green Energy Limited, for an enterprise value of ₹665 crore to Virescent Renewable Energy Trust, an Infrastructure Investment Trust represented and acting through its investment manager, Virescent Infrastructure Investment Manager Private Limited.
Snowman Logistics has completed the construction of a temperature-controlled warehouse at Coimbatore and the facility has become operational during February 2022. The total capacity of the facility is 4020 Pallets. It is a multi-temperature facility designed to store products ranging from ambient temperature to -25 Deg Centigrade with 8 chambers, 6 loading bays with related infrastructure that includes G+5 racking system, modern handling equipment and ample refrigerated truck parking space.
Kesar Terminals & Infrastructure Ltd
Kesar Terminals & Infrastructure Ltd has announced that petition for initiation of Corporate Insolvency Resolution Process under Section 7 of the Insolvency and Bankruptcy Code, 2016 has been admitted against Kesar Multimodal Logistics Limited, wholly-owned, material subsidiary of the Company on February 17 and IRP has been appointed.
The board of Unistar Multimedia has proposed to incorporate one hundred percent (100 per cent) subsidiary company ('Wholly Owned Subsidiary'), to be established under the jurisdiction of Sharjah Media City Free Zone (SHAMS), with the proposed trade name - Unistar Gold LLC.
Equitas Small Finance Bank
Equitas Small Finance Bank has raised ₹550 crore from the government of Singapore, Singapore's central bank and a host of local mutual funds in the qualified institutional placement of equities. According to a discosure by the SFB, it sold about 10.263 crore shares at ₹53.95 a share. The share sale will reduce promoters holding in the SFB to 75 per cent.
Finkurve Fin has sold its entire stake in Arvog Forex for an undisclosed amount to Revolut Payments India. Arvog Forex ceased to be a subsidiary of the firm from February 18, it said n a notice to the stock exchanges..
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