Mukesh Ambani has resigned from the board of Reliance Jio, a subsidiary of Reliance Industries Ltd, and handed over the firm’s reins to his elder son Akash. In a stock exchange filing on Tuesday, Reliance Jio Infocomm said the company’s board at a meeting has approved the appointment of Akash M Ambani, non-executive director, as Chairman of the board of directors of the company.
State Bank of India (SBI) and ICICI Bank on Tuesday acquired 9.54 per cent stake each in Perfios Account Aggregation Services Private Limited (Perfios AA). Both the banks acquired 8,05,520 equity shares each by paying ₹4.03 crore each for the stakes. The lenders bought the shares at a price of ₹50 apiece, according to regulatory filings.
India Cements Ltd on Tuesday said it has completed the acquisition of the entire paid-up equity and preference share capital of Springway Mining Pvt Ltd (SMPL). Following the acquisition, SMPL has become a wholly owned subsidiary of India Cements. SMPL is in the process of setting up a cement plant in Madhya Pradesh. The entire equity and preference shares of SMPL are acquired at a total consideration of ₹182.89 crore, the company said.
Capital market regulator Securities and Exchange Board of India on Tuesday asked PTC India Financial Services (PFS) not to make any changes to the company’s board till the completion of the forensic audit. Earlier in January, SEBI had asked PFS to address corporate governance and other issues raised by its former chairman and outgoing independent directors before holding its board meeting
The board of Route Mobile has approved the proposal of buyback of equity shares of the company up to ₹120 crore at a maximum price of ₹1,700 a share from open market. The size of maximum buyback shares would be 7.05 lakh units, which is 1.12 percent of the paid-up equity.
The board of SM Auto Stamping Ltd considered the recommendation of Audit Committee and approved the sale of Bearing Cage Division (Machinery and Tools) of the company. The board also considered the recommendation of Audit Committee and approved the Letter of Credit Limit with TJSB Sahakari Bank Limited at Nashik.
State-owned Jammu and Kashmir Bank (J&K Bank) has said it will raise up to ₹2,000 crore through a mix of debt and equity in the current fiscal year. The board of directors of the bank, in its meeting held on Tuesday, approved the capital raise plan, the bank said in a regulatory filing.
Acrysil has completed its capacity expansion of 1.6 lakh units of quartz kitchen sinks at its Bhavnagar plant in Gujarat. With this, the manufacturing capacity of quartz kitchen sinks has increased from 8.4 lakh units to 10 lakh units per annum.
Hazoor Multi Projects has received work order from Nagpur Mumbai Super Communication Expressway Ltd for execution of change of scope work from in Anmednagar of package-11 on EPC mode for ₹14.11 crore.
Godawari Power and Ispat Ltd has acquired 37,79,220 equity shares of Alok Ferro Alloys Limited (AFAL) at a fair value comprising of 78.96 per cent of the paid-up capital of AFAL. Alok Ferro Alloys Limited is a constituent of Hira group of companies. The shares have been acquired at Fair Market Value i.e. ₹336 per share.
Orient Bell Ltd has completed the capex projects within time and started commercial production on June 28 at GVT Tile plant (Sikandrabad, Uttar Pradesh), increase in capacity by 0.7 MSM p.a.; and conversion of Dora plant (Gujarat) from Ceramic Floor to Vitrified Floor.
Mystic Electronics has sold 5,500 equity shares with face value of ₹100 each, constituting 5.18 per cent of share capital of Basic Real Estate Private Limited. After the disposal of shares, the company now does not hold any shares of Basic Real Estate Private Limited.
Genus Paper & Boards has started commercial production of kraft papers at its Muzaffarnagar unit in Uttar Pradesh. The unit has manufacturing facilities for production of kraft paper (two lines) and duplex paper.